NRRSF - Norsemont Announces Extension of Warrants
(TheNewswire)
Vancouver, B.C. - TheNewswire- May 14, 2021 – Norsemont MiningInc. (CSE:NOM ) ( OTC:NRRSF ) ( FWB:LXZ1)( “ Norsemont ” or the “ Company ” ) announces that it is extending the exercise period of 3,575,000 share purchase warrants (the "Warrants"). TheWarrants were issued pursuant to a private placement of 8,250,000units at $0.40 per unit which closed on June 1, 2020. Each unitconsisted of one common share and one-half of one transferrable sharepurchase warrant. Each whole warrant is exercisable at $0.75 per sharefor a period of twelve (12) months.
The Company proposes to extend the expiry date of theseWarrants by three (3) additional months from June 1, 2021 to September1, 2021. All other terms and conditions of the Warrants including theacceleration provision remain unchanged.
A total of 37,500 Warrants are held by a party who isconsidered to be a "related party" of the Company.Therefore, the amendment of Warrants constitutes a "related partytransaction" as contemplated by Multilateral Instrument 61-101Protection of Minority Shareholders in Special Transactions, and TSXVPolicy 5.9 - Protection of Minority Shareholders in SpecialTransactions. However, the exemptions from formal valuation andminority approval requirements provided for by these guidelines can berelied upon as the fair market value of the Warrants does not exceeds25% of the market capitalization of the Company. A material changereport in respect of this related party transaction will be filed bythe Company.
On behalf of the Board of Directors,
NORSEMONT MINING INC.
Marc Levy
CEO & Chairman
For more information, please contact the Company at:
Telephone: (604) 669-9788; Facsimile:(604) 669-9768
Neither the Canadian SecuritiesExchange nor its Regulation Services Provider (as that term is definedin the policies of the Canadian Securities Exchange) acceptsresponsibility for the adequacy or accuracy of this release. No stockexchange, securities commission or other regulatory authority hasapproved or disapproved the information contained herein.
FORWARD LOOKINGSTATEMENTS:
This news release containsforward-looking statements, which relate to future events or futureperformance and reflect management’s current expectations andassumptions. Such forward-looking statements reflect management’scurrent beliefs and are based on assumptions made by and informationcurrently available to the Company. Investors are cautioned that theseforward-looking statements are neither promises nor guarantees, andare subject to risks and uncertainties that may cause future resultsto differ materially from those expected. These forward-lookingstatements are made as of the date hereof, and except as requiredunder applicable securities legislation, the Company does not assumeany obligation to update or revise them to reflect new events orcircumstances. All of the forward-looking statements made in thispress release are qualified by these cautionary statements and bythose made in the Company’s filings with SEDAR in Canada availableat www.sedar.com .
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