Norsemont Mining Inc. announced a non-brokered private placement of up to 5,000,000 units at a price of CAD 0.20 per unit for gross proceeds of up to CAD 1,000,000 on July 20, 2023. Each unit will be composed of one common share and one-half of one transferable common share purchase warrant exercisable for one common share at a price of CAD 0.30 per share for a period of two years from the closing date of the transaction. The company may, at its option, accelerate the warrant expiry date by providing notice to the warrant holders that the warrants will expire on the 30th day from the date of the acceleration notice.

Finders' fees may be paid in accordance with policies of the Canadian Securities Exchange. All securities to be issued will be subject to a hold period of four months plus a day from the date of issuance in accordance with applicable securities legislation. The closing of the transaction is subject to certain conditions, including, but not limited to, the receipt of all necessary regulatory and other approvals, including the approval of the exchange.