Norsemont Mining Inc. announced that it has closed a non-brokered private placement financing of unsecured convertible debentures for gross proceeds of CAD 950,000 on April 20, 2022. The principal amount of a debenture, together with all accrued and unpaid interest thereon, is convertible into units of the company at the option of the holder at a conversion price of CAD 1 per debenture unit, with each debenture unit comprised of one common share of the company and one-half transferable share purchase warrant with each debenture warrant exercisable into one additional debenture share at an exercise price of CAD 1.25 per debenture warrant share for a period of three years from the date of conversion. The principal amount will accrue interest from the closing date at the rate of 6% per annum, which interest will be payable quarterly in arrears.

The transaction is being raised from certain existing shareholders and current directors, executive officers, business associates and employees, some of whom are insiders of the Company.