Norsemont Mining Inc. has completed the final tranche of its private placement financing with strategic investor Paul Matysek participating in an additional round. The company closed 1,000,000 units at CAD $0.60 per unit for gross proceeds of CAD $600,000, bringing aggregate proceeds to $6,079,199.40 under the offering.
Each unit consists of one common share and one-half of one warrant, with each full warrant entitling the holder to acquire one common share at CAD $0.75 for two years from closing. The company may accelerate the warrant expiry if its shares close at CAD $1.25 or greater for 10 consecutive trading days after four months and one day from closing. Canadian investors face a four-month hold period, while U.S. investors are subject to additional federal and state securities law requirements.
The financing proceeds are anticipated to fund a phase 3 drill program at the Choquelimpie Gold-Silver-Copper project in northern Chile. The program will target the copper porphyry zone, high-grade gold zones, oxide/leachable gold zone, and metallurgy studies, along with general working capital needs.
CEO Marc Levy stated that raising over $6 million with support from strategic industry leaders including Rob McEwen, Crescat Capital, Dr. Quinton Hennigh, Larry Lepard, and now Paul Matysek represents a powerful endorsement of the company's vision and the significant upside potential at Choquelimpie. This backing positions Norsemont to advance drilling, metallurgy, and engineering toward a production scenario that could unlock substantial value for all stakeholders.
Paul Matysek described the Choquelimpie Project as a significant mineralized system in a region renowned for hosting some of the world's largest ore deposits. He noted that while only a small portion of the upper epithermal system was historically mined, the broader potential along strike and at depth remains virtually untouched. Matysek believes a disciplined drill campaign can rapidly expand the already substantial gold and silver resources while positioning the project for near-term production in a strong gold market.
The securities offered have not been and will not be registered under the United States Securities Act of 1933 and may not be offered or sold within the United States unless registered or an exemption applies. The offerings are subject to compliance with CSE policies.
