Abcourt Announces a Non-Brokered Private Placement for up to $3.0 Million to Advance the Sleeping Giant Project
13 June 2023 - 9:00PM
Abcourt Mines Inc. (“Abcourt” or the
“Corporation”) (TSX Venture: ABI) is pleased to
announce that it proposes to complete a non-brokered private
placement to raise gross proceeds of up to $3,000,000 (the
"
Offering"). The Offering will consist of up to
54,545,455 units of the Corporation (the "
Units")
at a price of $0.055 per Unit. Each Unit will consist of one common
share of the Corporation (a “
Common Share”) and
one common share purchase warrant (a “
Warrant”).
Each Warrant will entitle the holder thereof to purchase one Common
Share at a price of $0.10 for a period of 36 months following the
closing date of the Offering.
It is expected that the net proceeds from the
Offering will be primarily used to advance activities for
development and exploration at the Sleeping Giant Gold Project in
the Abitibi Greenstone belt of Quebec and for working capital and
general corporate purposes.
All securities issued in connection with the
Offering will be subject to a restricted period ending on the date
that is four months plus one day following the date of their
issuance, in accordance with Canadian securities laws.
Closing of the Offering is expected to take
place on or around June 27, 2023 and remains subject to certain
conditions, including receipt of the approval of the TSX Venture
Exchange.
The securities offered have not been registered
under the U.S. Securities Act of 1933, as amended, and may not be
offered or sold in the United States absent registration or an
applicable exemption from the registration requirements. This news
release shall not constitute an offer to sell or the solicitation
of an offer to buy nor shall there be any sale of the securities in
any State in which such offer, solicitation or sale would be
unlawful.
ABOUT ABCOURT MINES INC.
Abcourt Mines Inc. is a Canadian exploration
corporation with strategically located properties in northwestern
Québec, Canada. Abcourt owns the Sleeping Giant mill and mine where
it concentrates its activities.
For further information, please visit our
website at www.abcourt.com and consult our filings under Abcourt's
profile on www.sedar.com, or contact:
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Pascal HamelinPresident and CEOT:
(819) 768-2857E: phamelin@abcourt.com |
Dany Cenac Robert, Investor
RelationsReseau ProMarket Inc.,T: (514)
722-2276, post 456E: dany.cenac-robert@reseaupromarket.com |
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Cautionary Statement on Forward-Looking
Information
This news release contains “forward-looking
information” within the meaning of applicable Canadian securities
legislation based on expectations, estimates and projections as at
the date of this news release. Such forward-looking information
includes, but is not limited to, statements concerning the
Corporation’s expectations with respect to the use of proceeds and
the use of the available funds following completion of the
Offering; the completion of the Offering and expected the date of
closing of the Offering. Forward-looking information involves
risks, uncertainties and other factors that could cause actual
events, results, performance, prospects and opportunities to differ
materially from those expressed or implied by such forward-looking
information. Factors that could cause actual results to differ
materially from such forward-looking information include, but are
not limited to, delays in obtaining or failures to obtain required
approvals; uncertainties relating to the availability and costs of
financing needed in the future; changes in equity markets;
inflation; fluctuations in commodity prices; delays in the
development of projects; other risks involved in the mineral
exploration and development industry; and those risks set out in
the Corporation’s public documents filed on SEDAR at www.sedar.com.
Although the Corporation believes that the assumptions and factors
used in preparing the forward-looking information in this news
release are reasonable, undue reliance should not be placed on such
information, which only applies as of the date of this news
release, and no assurance can be given that such events will occur
in the disclosed time frames or at all. The Corporation disclaims
any intention or obligation to update or revise any forward-looking
information, whether as a result of new information, future events
or otherwise, other than as required by law.
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this news release.
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