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Abcourt Closes a Final Tranche of the Private Placement of Units Previously Announced, for an Additional Amount of $627,570

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Abcourt Closes a Final Tranche of the Private Placement of Units Previously Announced, for an Additional Amount of $627,570

 

 

 

 

 

Abcourt Mines Inc. (TSX-V: ABI) (OTCQB: ABMBF) announces that it has completed a fifth and final closing of the non-brokered private placement announced on March 12, 2024 for additional gross proceeds of $627,570, representing 12,551,400 units of the Corporation, at a price of $0.05 per Unit. Each Unit consists of one common share of the Corporation and one common share purchase warrant. Each Warrant entitles its holder to subscribe for one Common Share at a price of $0.06 for a period of 36 months.

 

Abcourt has issued a total of 88,434,400 Units for aggregate gross proceeds of $4,421,720 under the Private Placement.

 

Abcourt paid finder’s fees in an amount of $25,000 and issued 500,000 Warrants to an arm’s length third-party who assisted Abcourt by introducing subscribers to the Corporation in connection with the Private Placement.

 

It is expected that the net proceeds from the Private Placement will be 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 Private Placement are 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. The Private Placement is subject to final 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.

 

Posted June 28, 2024

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