RZZ Abitibi Royalties Inc

THIS PRESS RELEASE IS NOT FOR DISTRIBUTION IN THE UNITED STATES OR TO U.S. NEWS
AGENCIES


Abitibi Royalties Inc. (TSX VENTURE:RZZ) ("Abitibi" or the "Company") announces
that it will conduct a non-brokered private placement offering pursuant to which
it will issue 800,000 shares (each a "Share") at a per Share price of $2.50 for
gross proceeds of $2,000,000. Rob McEwen will be the sole subscriber for this
offering and will also be granted a right to maintain his pro-rata ownership in
the Company on future financings.


After completion of the private placement, Rob McEwen will own 951,515 shares or
9.28% of Abitibi Royalties, becoming the Company's second largest shareholder
after Golden Valley Mines (TSX VENTURE:GZZ). 


"We are pleased that Rob McEwen has agreed to significantly increase his
ownership in the Company, becoming a key strategic investor. This financing
places Abitibi Royalties in a good financial position as it waits for cash flow
to begin from its 2% NSR on the Gouldie Zone at the Canadian Malartic Mine and
additional drill results from the Odyssey North Zone discovery located on the
Malartic CHL property, where the Company has a 30% Free-Carried interest to
production, and is located next to the Canadian Malartic mine," stated Glenn
Mullan, Chairman and CEO.


No finder's fees will be payable, or warrants issuable, in connection with the
offering. The offering is subject to acceptance by the TSX Venture Exchange. The
proceeds raised from this offering will be used by Abitibi for general corporate
purposes. All securities issued will be subject to a hold period of four months
and one day from the date of closing of the offering in accordance with
applicable securities legislation. 


About Abitibi Royalties Inc.

Abitibi Royalties holds 100% title to the Luc Bourdon and Bourdon West Prospects
in Ontario and a 30% free-carried interest as well as other rights on the
Malartic CHL Property near Val-d'Or, Quebec. In addition, the Company holds a 2%
net smelter royalty interest in one additional claim held by Canadian Malartic
GP, and may acquire and generate other property and royalty interests. 


Forward-Looking Statements:

This news release contains certain statements that may be deemed
"forward-looking statements. Forward-looking statements are statements that are
not historical facts and are generally, but not always, identified by the words
"expects", "plans", "anticipates", "believes", "intends", "estimates",
"projects", "potential" and similar expressions, or that events or conditions
"will", "would", "may", "could" or "should" occur. Although the Company believes
the expectations expressed in such forward-looking statements are based on
reasonable assumptions, such statements are not guarantees of future performance
and actual results or realities may differ materially from those in forward
looking statements. Forward looking statements are based on the beliefs,
estimates and opinions of the Company's management on the date the statements
are made. Except as required by law, the Company undertakes no obligation to
update these forward-looking statements in the event that management's beliefs,
estimates or opinions, or other factors, should change.


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.


THIS PRESS RELEASE, REQUIRED BY APPLICABLE CANADIAN LAWS, IS NOT FOR
DISTRIBUTION TO U.S. NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED STATES,
AND DOES NOT CONSTITUTE AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO SELL
ANY OF THE SECURITIES DESCRIBED HEREIN IN THE UNITED STATES. THESE SECURITIES
HAVE NOT BEEN, AND WILL NOT BE, REGISTERED UNDER THE UNITED STATES SECURITIES
ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND MAY NOT BE OFFERED OR
SOLD IN THE UNITED STATES OR TO U.S. PERSONS UNLESS REGISTERED OR EXEMPT
THEREFROM. 


FOR FURTHER INFORMATION PLEASE CONTACT: 
Abitibi Royalties Inc.
Glenn J. Mullan
Chief Executive Officer
819-824-2808, x1222
glenn.mullan@goldenvalleymines.com

Abitibi Royalties (TSXV:RZZ)
Historical Stock Chart
From Apr 2024 to May 2024

Abitibi Royalties (TSXV:RZZ)
Historical Stock Chart
From May 2023 to May 2024