Norsemont Mining Secures Final $600,000 from Paul Matysek, Bolstering Chile Gold Project Development
Norsemont Mining has closed a $6.08 million private placement with strategic investor Paul Matysek, funding critical drilling at the Choquelimpie gold-silver-copper project in Chile to advance toward production.
Norsemont Mining Inc. has completed the final tranche of its private placement, with mining entrepreneur Paul Matysek investing CAD $600,000 for 1,000,000 units at CAD $0.60 per unit. Each unit comprises one common share and one-half warrant, with full warrants exercisable at CAD $0.75 per share for two years. The offering has raised total gross proceeds of $6,079,199.40, significantly advancing the company's capital position for project development.
The funds are earmarked for a phase 3 drill program at the Choquelimpie Gold-Silver-Copper project in Northern Chile, targeting copper porphyry zones, high-grade gold areas, oxide/leachable gold zones, and metallurgy studies, alongside general working capital. This strategic allocation underscores the project's potential to transition toward production, leveraging existing infrastructure including roads, power, water, a camp, and a 3,000-tonne-per-day mill.
CEO Marc Levy emphasized the endorsement from industry leaders, stating, "Closing over $6 million with support from strategic investors including Rob McEwen, Crescat Capital, Dr. Quinton Hennigh, Larry Lepard, and now Paul Matysek is a powerful endorsement of our vision and the significant upside at Choquelimpie." This backing positions Norsemont to advance drilling, metallurgy, and engineering, moving closer to a production scenario that could unlock substantial value for stakeholders.
Paul Matysek highlighted the project's promise, noting, "Norsemont’s Choquelimpie Project is a significant mineralized system in northern Chile, a region renowned for hosting some of the world’s largest ore deposits. A disciplined drill campaign can rapidly expand the already substantial gold and silver resources." His investment reflects confidence in the team's ability to unlock the full potential of this porphyry–epithermal system, particularly in a strong gold market.
The securities offered are subject to hold periods, including four months and one day for Canadian investors and applicable U.S. securities laws for American investors. The warrants may have their expiry accelerated if the company's shares close at CAD $1.25 or higher for 10 consecutive trading days after the hold period, as detailed in the original release. This financing, compliant with CSE policies, avoids U.S. registration under the Securities Act of 1933, limiting offers to U.S. persons without an exemption.