NRRSF - Norsemont Closes $1.5 Million Private Placement
(TheNewswire)
Vancouver, B.C. - TheNewswire - September 30, 2020 - Norsemont Mining Inc.(CSE:NOM ) (CNSX:NOM.CN) ( OTCQB:NRRSF ) ( FWB:LXZ1) (" Norsemont " or the " Company ") ispleased to announce that it has closed the first tranche of itsnon-brokered private placement (the "Offering" ). A total of 942,715 units (each, a " Unit ") will beissued at a price of $1.60 per Unit for gross proceeds of $1,508,344.Each Unit consists of one common share in the capital of the Company(each, a " Share ") and one transferable common sharepurchase warrant (each, a " Warrant ").
Each Warrant entitles the holder thereof to acquire oneShare (each, a " WarrantShare" ) at a price of $2.50 per WarrantShare until 5:00 p.m. (Vancouver time) on the date that is twelve (12) month followingthe Closing Date, subject to an acceleration provision whereby if theShares trade at a price on the Canadian Securities Exchange (or suchother exchange on which the Shares may be traded at such time) (the" Exchange ") of $3.25 or greater per Share for a period of 10 consecutive trading days after four months and one day from theclosing of the Offering (the " Closing "), theCompany may accelerate the expiry of the Warrants by giving notice tothe holders thereof (by disseminating a news release advising of theacceleration of the expiry date of Warrants) and, in such case, theWarrants will expire on the 31st day after the date of such notice.
The net proceeds from the Offering will be used to fundthe Company's upcoming work program on the Choquelimpie gold/silverproject in Northern Chile and general working capital.
In connection with the Offering, the Company shall payto certain eligible persons, finders' fees of $103,320, being 7% ofthe gross proceeds of the Offering raised from subscribers introducedby the finders to the Company.
All securities to be issued under the Offering will besubject to a four month and one day hold period in accordance withapplicable Canadian securities laws.
The Offering is being conducted pursuant to availableprospectus exemptions including sales to accredited investorsworldwide (Canadian, US and Foreign residents), family, friends andbusiness associates of directors and officers of the Company and topurchasers who have obtained advice from a registered investmentdealer pursuant to the exemption set out in BC Instrument 45-536(Exemption from Prospectus Requirement for Certain Distributionsthrough an Investment Dealer) (the "Investment DealerExemption" ).
The securities to be issued pursuant to the Offeringhave not been and will not be registered under the United StatesSecurities Act of 1933, as amended (the "1933 Act" )or any state securities laws, and may not be offered or sold withinthe United States or to, or for account or benefit of, U.S. Persons(as defined in Regulation S under the 1933 Act) unless registeredunder the 1933 Act and applicable state securities laws, or anexemption from such registration requirements is available. This newsrelease does not constitute an offer to sell or a solicitation to buysuch securities in the United States.
On behalf of the Board of Directors,
NORSEMONT MINING INC.
Marc Levy
CEO
For more information, please contact the Company at:
Telephone: (604) 669-9788; Facsimile: (604) 669-9768
Forward-Looking Statements:
This news releasecontains forward-looking statements and forward-looking information(collectively, "forward-looking statements") within themeaning of applicable Canadian legislation. All statements in thisnews release that are not purely historical are forward-lookingstatements and include statements regarding beliefs, plans,expectations and orientations regarding the future including, withoutlimitation, the intended use of proceeds of the Private Placement. Although the Company believes that such statements are reasonable andreflect expectations of future developments and other factors whichmanagement believes to be reasonable and relevant, the Company cangive no assurance that such expectations will prove to be correct. Forward-looking statements are typically identified by words such as:"believes", "expects", "anticipates","intends", "estimates", "plans","may", "should", "would","will", "potential", "scheduled" orvariations of such words and phrases and similar expressions, which,by their nature, refer to future events or results that may, could,would, might or will occur or be taken or achieved. In making theforward-looking statements in this news release, the Company hasapplied several material assumptions.
Forward-lookingstatements involve known and unknown risks, uncertainties and otherfactors which may cause the actual results, performance orachievements of the Company to differ materially from any futureresults, performance or achievements expressed or implied by theforward-looking information. Such risks and other factors include theinability of the Company to execute its proposed business plan, andcarry out planned future activities. The novel coronavirus andCOVID-19 pose new risks that are currently indescribable andimmeasurable. Other factors may also adversely affect the futureresults or performance of the Company, including general economic,market or business conditions, the future price of gold, changes inthe financial markets and in the demand for gold, changes in laws,regulations and policies affecting the mineral exploration industry,as well as the risks and uncertainties which are more fully describedin the Company's annual and quarterly management's discussion andanalysis and in other filings made by the Company with Canadiansecurities regulatory authorities under the Company's profile atwww.sedar.com. Readers are cautioned that forward-looking statementsare not guarantees of future performance or events and, accordingly,are cautioned not to put undue reliance on forward-looking statementsdue to the inherent uncertainty of such statements.
These forward-lookingstatements are made as of the date of this news release and, unlessrequired by applicable law, the Company assumes no obligation toupdate the forward-looking statements or to update the reasons whyactual results could differ from those projected in theseforward-looking statements.
Neither the CanadianSecurities Exchange nor its Regulation Services Provider (as that termis defined in the policies of the Canadian Securities Exchange)accepts responsibility for the adequacy or accuracy of this release.No stock exchange, securities commission or other regulatory authorityhas approved or disapproved the information contained herein.
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