Abcourt Announces the Grant of Stock Options and a Private Placement of Units for up to $3,500,000

About this update from Abcourt Mines, Inc. Class B

[{"type":"text","content":"Abcourt Announces the Grant of Stock Options and a Private Placement of Units for up to $3,500,000(via Thenewswire.ca)\n\n \nMont-St-Hilaire, Quebec, Canada / TheNewswire / July 6, 2016 - Mr. 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 Board of Directors of the Abcourt has granted stock options on a total of 7,500,000 Class B common shares of the Company (the \"Common Shares\"), at an exercise price of $0.125, to directors and officers of the Company. These options were allocated for a five year period, pursuant to the Company's stock option plan. With these new options, the Company now has a total number of 8,300,000 stock options issued and outstanding. Abcourt has 240,053,719 Common Shares issued and outstanding.\n\n \n \nThe Company also announces its intent to proceed with a non-brokered private placement for a maximum amount of $3,500,000 (the \"Private Placement\"). Each Unit offered at a price of $0.10 each is comprised of one Common Share and of one-half (1/2) of a Common Share purchase warrant (a \"Unit\"). Each full warrant will entitle the holder thereof to purchase one Common Share of the Company at an exercise price of $0.13 over a period of 12 months from the date of closing. In relation with the Private Placement, non-transferable finders' warrants might be issued on some subscriptions from subscribers that are at arm's length with the Company, for a number equal to 7% of the Units sold. Each finder warrant will give the right to purchase one Unit at a price of $0.10 for a period of 12 months from the closing date of the Private Placement, each Unit being comprised of one Common Share and of one-half of one Common Share purchase warrant, a full warrant entitling the finder to purchase one additional Common Share of Abcourt at an exercise price of $0.13.\n\n \n \nThe proceeds from the subscriptions of Units will be used by the Company to increase its working capital and for expenses related to the start-up of the Sleeping Giant mill.\n\n \n \nIt is expected that directors and/or officers will subscribe for more than 25% of the Units offered in this Private Placement.\n\n \n \nAll of the securities of Abcourt issued under the Private Placement will be subject to a hold...

More updates from Abcourt Mines, Inc. Class B