Norsemont Closes Oversubscribed Private Placement
NORSEMONT MINING INC.
Suite 610, 700 West Pender Street Vancouver,
BC Canada V6C 1G8
NEWS RELEASE
NORSEMONT CLOSES OVERSUBSCRIBED PRIVATE PLACEMENT
Vancouver, B.C., June 3, 2020 – Norsemont Mining Inc. (CSE: NOM, OTC: NRRSF, FWB: LXZ1)
(“Norsemont” or the “Company”) announces today it has closed an oversubscribed non-brokered private
placement issuing a total of 8,250,000 units (each, a “Unit”) at a price of $0.40 per Unit for gross proceeds
of $3,300,000.00 (the “Private Placement”).
Each Unit consisted of one common share in the capital of the Company (each, a “Share”) and one-half of
one transferable common share purchase warrant (each, a “One-Half Warrant” and each whole warrant,
a “Warrant”).
Each Warrant entitles the holder thereof to acquire one Share (each, a “ Warrant Share”) at a price of
$0.75 per Warrant Share until 5:00 p.m. (Vancouver time) on or before June 1, 2021, subject to an
acceleration 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 $1.00 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 “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 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.
Proceeds from the Private Placement are intended to be used in connection with the acquisition of mining
assets and for payment of professional fees, due diligence expenses and technical expenses including
geological reports.
The Company paid cash finder’s fees in the amount of $16,800.00 to certain eligible finders in connection
with the Private Placement.
The securities distributed pursuant to the Private Placement are subject to a statutory hold period of four
months and one day that expires on October 2, 2020.
On behalf of the Board of Directors,
NORSEMONT MINING INC.
Allan Larmour Chief Executive Officer, Director
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", "es timates", "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 Com pany, including general economic, market or bu siness
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 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 guarantees 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 accura cy of this release. No stock
exchange, securities commission or other regulatory authority has approved or disapproved the information
contained herein.