Abcourt Closes a Second Tranche of the Private Placement of Units Previously Announced, for an Additional Amount of $538,400
12 October 2023 - 11:00PM
Abcourt Mines Inc. (“Abcourt” or the
“Corporation”) (TSX Venture: ABI) announces that
it has completed a second tranche of the non-brokered private
placement announced on August 31, 2023, for additional gross
proceeds of $538,400, representing 13,460,000 units of the
Corporation (“
Units”) at a price of $0.04 per Unit
(the "
Offering").
Each Unit consists of one common share of the
Corporation (a “Common Share”) and one common
share purchase warrant (a “Warrant”). Each Warrant
entitles the holder thereof to purchase one Common Share at a price
of $0.05 for a period of 36 months.
It is expected that the net proceeds from the
Offering will be used in a proportion of 60% to advance activities
for development and exploration at the Sleeping Giant Gold Project
in the Abitibi Greenstone belt of Quebec and 40% for working
capital and general corporate purposes.
Pascal Hamelin, president and chief executive
officer, and Christine Lefebvre, chief financial officer of the
Corporation, respectively subscribed 1,750,000 Units and 700,000
Units under the second tranche of the Offering, representing total
gross proceeds of $98,000, which constitutes a “related party
transaction” within the meaning of Regulation 61-101 respecting
Protection of Minority Security Holders in Special Transactions
(“Regulation 61-101”). The directors of the
Corporation who voted in favour of the Offering have determined
that the exemptions from formal valuation and minority approval
requirements provided for respectively under subsections 5.5(a) and
5.7(1)(a) of Regulation 61-101 can be relied on as neither the fair
market value of the Units issued nor the fair market value of the
consideration paid exceed 25% of the Corporation’s market
capitalization.
Payment of Royalty in Units
The Corporation has also agreed to issue
2,166,506 Units to Maverix Metals Inc. in settlement of an amount
of $86,660.23 representing a 2% NSR royalty on metallic and
non-metallic minerals mined or otherwise recovered from each of the
Sleeping Giant and Dormex properties over the last twelve months
(the “Royalty Payment”) pursuant to the terms
of a royalty agreement previously announced by the Corporation on
September 22, 2022.
All securities issued in connection with the
Offering and the Royalty payment 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 and policies of the TSX Venture Exchange (the
“Exchange”).
The Offering and the Royalty Payment remain
subject to final approval of the Exchange.
The securities offered have not been and will
not be 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.ca and consult our filings under Abcourt's
profile on www.sedarplus.ca, or contact:
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 |
|
|
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. 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.sedarplus.ca. 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.
Abcourt Mines (TSXV:ABI)
Historical Stock Chart
From Apr 2024 to May 2024
Abcourt Mines (TSXV:ABI)
Historical Stock Chart
From May 2023 to May 2024