Norsemont Mining Inc. announced that it has received non-brokered private placement of units of 850,000 units at a price of CAD 0.40 per unit for gross proceeds of CAD 340,000 on September 28, 2022. Each unit consisted of one common share in the capital of the company and one-half of one transferable common share purchase warrant. Each warrant entitles the holder thereof to acquire one share at a price of CAD 0.75 per warrant share until 5:00 p.m. on or before September 16, 2024 or September 21, 2024, depending on the individual warrant, subject to an acceleration provision whereby if the shares trade at a price on the Canadian Securities Exchange of CAD 1.10 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 securities distributed pursuant to the Private Placement are subject to a statutory hold period of four months and one day that expires on January 17, 2023, and January 22, 2023.