Business
Abcourt Closes the Private Placement for $1,2 Million
(TheNewswire) Rouyn-Noranda, Canada – TheNewswire - July 20, 2022 ...
About this update from Abcourt Mines, Inc. Class B
[{"type":"text","content":"Abcourt Closes the Private Placement for $1,2 Million\n \n \n (TheNewswire)\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Rouyn-Noranda, Canada –\n \n \n TheNewswire -\n \n \n July 20, 2022 - Abcourt\nMines Inc. (“Abcourt” or the “Corporation”) (TSXV:ABI)\n \n \n (OTC:ABMBF)\n \n \n is pleased to announce the closing of the\nnon-brokered private placement as announced by the Corporation on July\n5, 2022 (the “Offering”),\n \n \n for aggregate gross proceeds of $1,193,750, from the sale of:\n \n \n \n \n - 550,000 units of the Corporation\n(each, a “Unit”) at a price of $0.065 per Unit for gross proceeds\nof $35,750; and\n \n \n \n \n - 14,475,000 flow-through units of\nthe Corporation (each a “FT Unit”, and collectively with the\nUnits, the “Offered Securities”) at a price of $0.08 per FT Unit\nfor gross proceeds of $1,158,000.\n \n \n \n \n Each Unit consists of one class B\ncommon share of the Corporation (each a “Common Share”) and one\nCommon Share purchase warrant (each, a “Warrant”). Each FT Unit\nconsists of one Common Share to be issued as a “flow-through\nshare” within the meaning of the Income Tax Act (Canada) (each, a\n“FT Share”) and one Warrant. Each Warrant shall entitle the holder\nto purchase one Common Share (each, a “Warrant Share”) at a price\nof $0.15 until no later than 36 months after the issue date of the\nWarrant.\n \n \n \n \n A cash commission of $69,000 and Warrants to acquire\n862,500 Units are payable to Red Cloud Securities Inc. (the\n“Finder”), as finder’s fees, for subscriptions sourced by the\nFinder.\n \n \n \n \n The net proceeds raised from the Units will be used for\nworking capital purposes and the proceeds from the sale of FT Shares\nwill be used to incur \"Canadian exploration expenses\" as\ndefined in subsection 66.1(6) of the Income Tax Act and \"flow\nthrough mining expenditures\" as defined in subsection 127(9) of\nthe Income Tax Act (\"Qualifying Expenditures\"). Such\nproceeds will be renounced to the subscribers with an effective date\nnot later than December 31, 2022, in the aggregate amount of not less\nthan the total amount of gross proceeds raised from the issue of FT\nShares.\n \n \n \...