Mr. Allan Larmour reports

NORSEMONT CLOSES OVERSUBSCRIBED PRIVATE PLACEMENT

Norsemont Mining Inc. has closed an oversubscribed non-brokered private placement, issuing a total of 8.25 million units at a price of 40 cents per unit for gross proceeds of $3.3-million.

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 75 cents per warrant share until 5 p.m. Vancouver time on or before June 1, 2021, subject to an acceleration provision whereby if the shares trade at a price on the Canadian Securities Exchange (or such other exchange on which the shares may be traded at such time) of $1 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 company may accelerate the expiry of the warrants by giving notice to the holders thereof (by disseminating a news release advising of the acceleration of the expiry date of warrants) and, in such case, the warrants will expire on the 31st day after the date of such notice.

Proceeds from the private placement are intended to be used in connection with the acquisition of mining assets and for the payment of professional fees, due diligence expenses and technical expenses, including geological reports.

The company paid cash finders' fees in the amount of $16,800 to certain eligible finders in connection with the private placement.

The securities distributed pursuant to the private placement are subject to a statutory hold period of four months and one day, expiring on Oct. 2, 2020.

We seek Safe Harbor.