Business
Abcourt Announces Financings to Fund Sleeping Giant Mine Restart
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES. ROUY...
About this update from Abcourt Mines, Inc. Class B
[{"type":"text","content":"Abcourt Announces Financings to Fund Sleeping Giant Mine Restart\n\n\n\n\n NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES.\n \n\n\n ROUYN-NORANDA, Quebec, April 10, 2025 (GLOBE NEWSWIRE) -- Abcourt Mines Inc. (“\n \n Abcourt\n \n ” or the “\n \n Corporation\n \n ”)\n \n (TSX Venture: ABI) (OTCQB: ABMBF)\n \n is pleased to announce that it has secured debt financing of US$8 million to finance the restart of its Sleeping Giant mine and mill.\n \n\n A non-binding term sheet entered into between Abcourt and Nebari Natural Resources Credit Fund II, LP (“\n \n Nebari\n \n ”) on April 9, 2025, provides for a US$8 million (approximately C$11 million) secured financing facility (“\n \n Financing Facility\n \n ”) bearing interest at the SOFR (Secured Overnight Financing Rate) plus 12%, with a term of 36 months. The Financing Facility is contingent upon the completion of a US$6 million (approximately C$8.5 million) financing, which may involve equity and/or subordinated debt, as well as a standard due diligence review and the execution of definitive agreements.\n \n\n “This Financing Facility alongside the equity financing will provides the capital anticipated to restart the Sleeping Giant mine and mill, according to our detailed internal mine plan,” said Pascal Hamelin, President and CEO. “Upon closing these financings, along with existing cash on hand, we anticipate the company will be well positioned to restart and ramp up of the mine and mill, including working capital and corporate requirements”.\n \n\n “We worked closely with our partners to complete the required financing that addresses the balance of the capital required for Sleeping Giant, as currently estimated in our detailed internal mine plan, and preserves strong upside from the Sleeping Giant mine for Abcourt shareholders.”\n \n\n\n Upsized Equity Financing\n \n\n\n The Corporation is also pleased to announce that it has increased the size of its previously announced non-brokered private placement consisting of the sale of any combination of :\n \n\n\n up to 170,000,000 units of the Corporation (the “\n \n Units\n \n ”) at a price of C$0.05 per Unit; and\n \n\n up to 141,666,667 common shares of the Corporation that qualify as...