Norsemont Mining Inc: Announces Extension of Warrants
Vancouver, June 1, 2021 - Norsemont Mining Inc. (CNSX:NOM.CN) (OTC:NRRSF) (FWB:LXZ1) ("Norsemont" or the "Company") announces that it is extending the exercise period of 1,883,333 share purchase warrants (the "Warrants"). The Warrants were issued pursuant to a private placement of 1,975,099 units at $0.75 per unit which closed on June 15, 2020 and 2,024,901 units at $0.75 per unit which closed on June 22, 2020 . Each unit consisted of one common share and one-half of one transferrable share purchase warrant. Each whole warrant is exercisable at $1.10 per share for a period of twelve (12) months from the date of closing. The Company proposes to extend the expiry date of these Warrants by three (3) additional months to September 22, 2021. All other terms and conditions of the Warrants including the acceleration provision remain unchanged.
A total of 24,967 Warrants are held by a party who is considered to be a "related party" of the Company. Therefore, the amendment of Warrants constitutes a "related party transaction" as contemplated by Multilateral Instrument 61-101 Protection of Minority Shareholders in Special Transactions, and TSXV Policy 5.9 - Protection of Minority Shareholders in Special Transactions. However, the exemptions from formal valuation and minority approval requirements provided for by these guidelines can be relied upon as the fair market value of the Warrants does not exceeds 25% of the market capitalization of the Company. A material change report in respect of this related party transaction will be filed by the Company.
On behalf of the Board of Directors,
Marc Levy
CEO & Chairman
For more information, please contact the Company at:
Telephone: (604) 669-9788; Facsimile: (604) 669-9768
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.
FORWARD LOOKING STATEMENTS:
This news release contains forward-looking statements, which relate to future events or future performance and reflect management's current expectations and assumptions. Such forward-looking statements reflect management's current beliefs and are based on assumptions made by and information currently available to the Company. Investors are cautioned that these forward-looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected. These forward-looking statements are made as of the date hereof, and except as required under applicable securities legislation, the Company does not assume any obligation to update or revise them to reflect new events or circumstances. All of the forward-looking statements made in this press release are qualified by these cautionary statements and by those made in the Company's filings with SEDAR in Canada available at www.sedar.com.