Norsemont Closes Oversubscribed $5.5 Million Private Placement
NORSEMONT MINING INC.
Suite 610, 700 West Pender Street
Vancouver, BC, V6C 1G8
Phone: 604-669-9788
NEWS RELEASE
NORSEMONT CLOSES OVERSUBSCRIBED
$5.5 MILLION PRIVATE PLACEMENT
Vancouver, B.C., July 21, 2020 – Norsemont Mining Inc. (CSE: NOM, OTCQB: NRRSF, FWB: LXZ1) (“ Norsemont ” or the
“Company ”) is pleased to announce that further to its news release dated July 10, 2020, the Company has closed the
second and final tranche of its non-brokered privat e placement for additional gross proceeds of $4,475 ,500 (the
“Second Tranche”). The Company has raised an aggreg ate of $5,500,000 under the first and second tranch es of the
private placement.
Under the Second Tranche, the Company issued a total of 4,475,500 units (each, a “Unit”) at a price of $1.00 per Unit
for gross proceeds of $4,475,500 (the “Offering”). Each Unit consists of one common share in the capit al of the
Company (each, a “Share”) and one-half of one transferable common share purchase warrant (each whole warrant, a
“Warrant”). Each Warrant entitles the holder thereo f to acquire one Share (each, a “Warrant Share”) at a price of
$1.50 per Warrant Share until 5:00 p.m. (Vancouver time) on or before July 20, 2021, subject to an acc eleration
provision whereby if the Shares trade at a price on the Canadian Securities Exchange (or such other exchange on which
the Shares may be traded at such time) (the “Exchange”) of $2.00 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 Company may accelerate the expiry
of the Warrants by giving notice to the holders thereof (by disseminating a news release advising of the acceleration
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 proceeds from the Offering will be used to fund the Company’s upcoming work programs on the Choquelimpie
gold/silver project in Northern Chile and working capital.
The Company shall pay aggregate cash finders’ fees of $194,460 to certain eligible finders in connecti on with the
Offering.
All securities to be issued under the Offering are subject to a four month and one day hold period in accordance with
applicable Canadian securities laws.
The securities to be issued pursuant to the Offering have not been and will not be registered under the U.S. Securities
Act of 1933, as amended (the “1933 Act”), or under any state securities laws, and may not be offered or sold, directly
or indirectly, or delivered within the United State s absent registration or an applicable exemption fr om the
registration requirements. 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) 669-976 8
Forward-Looking Statements:
This news release contains forward-looking statemen ts 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 inclu de statements regarding beliefs, plans, expectation s and orientations
regarding the future including, without limitation, the intended use of proceeds of the Private Placem ent. Although the
Company believes that such statements are reasonabl e and reflect expectations of future developments a nd 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 ar e 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, b y their nature, refer to future events or results t hat may, could, would,
might or will occur or be taken or achieved. In ma king the forward-looking statements in this news re lease, 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, perf ormance 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 an d immeasurable. Other factors may also adversely a ffect the future
results or performance of the Company, including general economic, market or business conditions, the future 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 unce rtainties which are more fully described in the Com pany'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 forwar d-looking
statements are not guarantees of future performance or events and, accordingly, are cautioned not to p ut 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 Re gulation Services Provider (as that term is defined in the policies of the
Canadian Securities Exchange) accepts responsibilit y 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