Abitibi Royalties Inc. (TSX-V:RZZ) announces that it has closed a non-brokered private placement offering pursuant to which it has issued 800,000 shares at a per share price of $2.50 for gross proceeds of $2,000,000.
Rob McEwen, the sole subscriber under the offering, now holds 951,515 common shares of Abitibi or approximately 9.28% of the Company’s issued and outstanding common shares. The common shares issued under this offering are subject to a hold period until November 18, 2014.
The proceeds raised from this offering will be used by Abitibi for general corporate purposes.
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
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