Norsemont Closes First Tranche of Private Placement
NORSEMONT MINING INC.
Suite 610, 700 West Pender Street
Vancouver, BC, V6C 1G8
Phone: 604-669-9788
NEWS RELEASE
NORSEMONT CLOSES FIRST TRANCHE OF PRIVATE PLACEMENT
Vancouver, B.C., August 25, 2020 – Norsemont Mining Inc. (CSE:NOM) (CNSX:NOM.CN) (OTCQB:NRRSF)
(FWB:LXZ1) ("Norsemont" or the " Company") is pleased to announce that it has closed the first tranche of its
non-brokered private placement (the “Offering”). A total of 817,750 units (each, a “ Unit”) will be issued at a
price of $1.60 per Unit for gross proceeds of $1,308,400. Each Unit consists of one common share in the capital
of the Company (each, a “Share”) and one transferable common share purchase warrant (each, a “Warrant”).
Each Warrant entitles the holder thereof to acquire one Share (each, a “Warrant Share”) at a price of $2.50 per
Warrant Share until 5:00 p.m. (Vancouver time) on the date that is twelve (12) month following the Closing
Date, subject to an acceleration provision whereby if the Shares trade at a price on the Canadian Securities
Exchange (or such other exchange on whic h 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 the closing
of the Offering (the “ Closing”), the Company may accelerate the expiry of the Warrants by giving notice to the
holders thereof (by disseminating a news release advising of the acceler ation of the expiry date of Warrants)
and, in such case, the Warrants will expire on the 31st day after the date of such notice.
The net p roceeds from the Offering will be used to fund the Company’s upcoming work program on the
Choquelimpie gold/silver project in Northern Chile and general working capital.
In connection with the Offering, the Company shall pay to certain eligible persons, finders’ fees of $50,282, equal
to 7% of the gross proceeds of the Offering raised from subscribers introduced by the finders to the Company .
All securities to be issued under the Offering will be subject to a four month and one day hold period in
accordance with applicable Canadian securities laws.
The Offering is being conducted pursuant to available prospectus exem ptions including sales to accredited
investors worldwide (Canadian, US and Foreign residents) , family, friends and business associates of directors
and officers of the Company and to purchasers who have obtained advice from a registered investment dealer
pursuant to the exemption set out in BC Instrument 45-536 (Exemption from Prospectus Requirement for Certain
Distributions through an Investment Dealer) (the “Investment Dealer Exemption”).
The securities to be issued pursuant to the Offering have not been and will not be registered under the United
States Securities Act of 1933, as amended (the “1933 Act”) or any state securities laws, and may not be offered
or sold within the United States or to, or for account or benefit of, U.S. Persons (as defined in Regulation S under
the 1933 Act) unless registered under the 1933 Act and applicable state securities laws, or an exemption from
such registration requirements is available. This news release does not constitute an offer to sell or a solicitation
to buy such securities in the United States.
On behalf of the Board of Directors,
NORSEMONT MINING INC.
Allan Larmour
CEO
For more information, please contact the Company at:
Telephone: (604) 669-9788; Facsimile: (604) 669-9768
Forward-Looking Statements:
This news release contains forward -looking statements and forward -looking information (collectively, "forward -
looking statements") within the meaning of applicable Canadian legislation. All statements in this news release that
are not purely historical are forward-looking statements and include statements regarding beliefs, plans, expectations
and orientations regarding the future including, without limitation, the intended use of proceeds of the Private
Placement. Although the Company believes that such statements are reasonable and reflect expectations of future
developments and other factors which management believes to be reasonable and relevant, the Company can give 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" or variations 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 the forward-
looking statements in this news release, the Company has applied several material assumptions.
Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the
actual results, performance or achievements of the Company to differ materially from any future results, performance
or achievements expressed or implied by the forward -looking information. Such risks and other factors include the
inability of the Company to execute its proposed business plan, and carry out planned future activities. The novel
coronavirus and COVID-19 pose new risks that are currently indescribable and immeasurable. Other factors may also
adversely affect the future results or performance of the Company, including general economic, market or business
conditions, the fut ure price of gold, changes in the 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 described in the Company's annual and quarterly management's discussion and analysis and in other filings
made by the Company with Canadian securities regulatory authorities under the Company's profile at
www.sedar.com. Readers are cautioned that forward -looking statements are not gua rantees of future performance
or events and, accordingly, are cautioned not to put undue reliance on forward-looking statements due to the inherent
uncertainty of such statements.
These forward-looking statements are made as of the date of this news release and, unless required by applicable law,
the Company assumes no obligation to update the forward -looking statements or to update the reasons why actual
results could differ from those projected in these forward-looking statements.
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is 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 authority has approved or disapproved the information contained
herein.
NOT FOR DISTRIBUTION TO THE UNITED STATES NEWSWIRE SERVICES NOR FOR DISSEMINATION IN THE UNITED STATES