The Prospector News

Abcourt Closes a Fourth Tranche of the Private Placement of Units Previously Announced, for an Amount of $1,060,000

You have opened a direct link to the current edition PDF

Open PDF Close
Uncategorized

Share this news article

Abcourt Closes a Fourth Tranche of the Private Placement of Units Previously Announced, for an Amount of $1,060,000

 

 

 

 

 

Abcourt Mines Inc. (TSX-V: ABI) (OTCQB: ABMBF) announces that it has completed a fourth closing of the non-brokered private placement announced on March 12, 2024, for additional gross proceeds of $1,060,000, representing 21,200,000 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.

 

To date, Abcourt has issued a total of 75,883,000 Units for aggregate gross proceeds of $3,794,150 under the Private Placement. The Corporation expects to close a final tranche of the Private Placement on or before June 27, 2024.

 

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.

 

The closing of this fourth tranche constitutes a “related party transaction” within the meaning of Multilateral Instrument 61–101 – Protection of Minority Security Holders in Special Transactions  as a result of the purchase of 18,000,000 additional Units by SARL MF, an affiliate of François Mestrallet, a “related party” of the Corporation. The Corporation has relied on exemptions from the formal valuation and minority shareholder approval requirements of MI 61–101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61–101 in respect of the Private Placement as the fair market value (as determined under MI 61-101) of the insider participation in the Private Placement is below 25% of the Corporation ‘s market capitalization (as determined in accordance with MI 61-101).

 

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 1, 2024

Share this news article

MORE or "UNCATEGORIZED"


High-Grade Gold up to 42.3 g/t Confirmed in First Two Drillholes at Bousquet

High-Grade Gold up to 42.3 g/t Confirmed in First Two Drillholes ... READ MORE

July 28, 2025

NexMetals Achieves an Initial 15.2% Head Grade Increase at Selebi North Using Modern Technology Demonstrating High Recoveries and Significant Waste Reduction

NexMetals Mining Corp. (TSX-V: NEXM) (NASDAQ: NEXM) reports initi... READ MORE

July 28, 2025

Midland Announces Closing of $6.1 Million Private Placement with Strategic Investment from Centerra Gold

Midland Exploration Inc. (TSX-V: MD) is pleased to announce the c... READ MORE

July 28, 2025

Antimony Resources Corp. (ATMY) (K8J0) Intersects More Massive Antimony-Bearing Stibnite ("Sb"), Assays up to 14.91% Sb over 3.3 Meters Including a Zone of Massive Antimony-Bearing Stibnite Which Returned 34% Sb over One Meter

Antimony Resources Corp. (CSE: ATMY) (FSE: K8J0) reports that ass... READ MORE

July 28, 2025

Surge Reports Significant Amounts of Critical Minerals Rubidium and Cesium Contained Within its Nevada North Lithium Project

Surge Battery Metals Inc. (TSX-V: NILI) (OTCQX: NILIF) (FSE: DJ5... READ MORE

July 28, 2025

Copyright 2025 The Prospector News