Abcourt Announces the Closing of a Private Placement of Units for a Total of $ 2,381,000

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[{"type":"text","content":"Abcourt Announces the Closing of a Private Placement of Units for a Total of $ 2,381,000(via Thenewswire.ca)\n\n \nMont-St-Hilaire, Quebec, Canada / TheNewswire / August 9, 2016\n\n \n \nMr. Renaud Hinse, President and Chief Executive Officer of Abcourt Mines Inc. (TSX-V: ABI, Berlin: AML-BE and Frankfurt Stock Exchanges: AML-FF) (\"Abcourt\" or the \"Company\") announces that the Company closed a non-brokered private placement for an amount of $2,381,000 in Units (the \"Private Placement\"). Each Unit offered at a price of $0.10 each is comprised of one Class B share (a \"common share\") of the Company and of one-half common share purchase warrant (a \"Unit\"). Each full warrant will entitle the holder thereof to purchase one common share of the Company at a price of $0.13 over a period of 12 months from the date of closing. The Company will issue a total of 23,810,000 common shares and a total of 11,905,000 warrants pursuant to the Private Placement.\n\n \n \nA number of 382,200 non-transferable warrants to purchase 382,200 Units will be issued to certain intermediaries on some subscriptions from arm's length subscribers. The finder's warrants are valid for 12 months from closing of the Private Placement, at a price of $0.10 per Unit. Each Unit is comprised of one common share of the Company and of one-half common share purchase warrant. Each full warrant will entitle the holder thereof to purchase one common share of the Company at a price of $0.13 over a period of 12 months from the date of closing. \n\n \n \nThe proceeds from the subscriptions of Units sold pursuant to the Private Placement will be used by the Company to increase its working capital and for the expenses related to the reopening of the Sleeping Giant Mill.\n\n \n \nCertain related parties to Abcourt (the \"Related Parties\") have purchased Units in the Private Placement:\n\n \n \n-SARL MF, a company controlled by Mr. Francois Mestrallet, a director of Abcourt, has purchased 8,000,000 Units. After the Private Placement, assuming all the warrants included in the Units are exercised, Mr. Francois Mestrallet would hold, directly or indirectly, or exercise control over approximately 19.3% of the Company's common shares issued and outstanding;\n\n \n \n-Decochib inc., a private company controlled by Mr. Renaud Hinse, officer and chief executive officer of Abcourt,...

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