Business
Abcourt Announces a Private Placement for Gross Proceeds of up to $2.25 Million and Provides Update on the Company's Activities
(TheNewswire) Rouyn-Noranda, Canada – TheNewswire - July 5, 20...
About this update from Abcourt Mines, Inc. Class B
[{"type":"text","content":"Abcourt Announces a Private Placement for Gross Proceeds of up to $2.25 Million and Provides Update on the Company's Activities\n \n \n (TheNewswire)\n \n \n \n \n \n \n \n \n Rouyn-Noranda, Canada –\n \n \n TheNewswire -\n \n \n July 5, 2022 – Abcourt Mines Inc.\n \n \n (“Abcourt” or the\n“Company”) (TSXV:ABI)\n \n \n (OTC:ABMBF)\n \n \n is pleased to announce a\nnon-brokered private placement for gross proceeds of up to C$2,250,000\n(the “Offering”) from the sale of the following:\n \n \n \n \n \n \n up to 15,384,615 units of the Company (each, a\n“Unit”) at a price of C$0.065 per Unit for gross proceeds of up to\nC$1,000,000 from the sale of Units; and\n \n \n \n \n \n \n \n \n up to 15,625,000 flow-through units of the Company\n(each, a “FT Unit”, and collectively with the Units, the\n“Offered Securities”) at a price of C$0.08 per FT Unit for gross\nproceeds of up to C$1,250,000 from the sale of FT Units.\n \n \n \n \n \n \n Each Unit will consist of one class B common share of\nthe Company (each a “Common Share”) and one Common Share purchase\nwarrant (each, a “Warrant”). Each FT Unit will consist of one\nCommon Share of the Company to be issued as a “flow-through share”\nwithin the meaning of the Income Tax Act (Canada) (each, a “FT\nShare”) and one Warrant. Each Warrant shall entitle the holder to\npurchase one Common Share of the Company (each, a “Warrant Share”)\nat a price of C$0.15 until no later than 36 months after the issue\ndate of the Warrant.\n \n \n \n \n A cash commission equal to 6.0% of the gross proceeds\nfrom the Offering and Warrants to acquire that number of Units which\nis equal to 6.0% of the number of Offered Securities will be payable\nto Red Cloud Securities Inc. (the “Finder”), as finder’s fees at\nclosing of the Offering, for subscriptions sourced by the\nFinder.\n \n \n \n \n The net proceeds raised from the Offering will be used\nfor the advancement of the Company’s projects and for working\ncapital purposes. Proceeds from the sale of FT Shares will be used to\nincur \"Canadian exploration expenses\" as defined in\nsubsection 66.1(6) of the Income Tax Act and \"flow through mining\nexpenditures\" as def...