Business
Abcourt Completes the First Closing of a Private Placement of Common Share Units and Flow-Through Share Units for a Total of $728,000
(via TheNewswire) Rouyn-Noranda, Quebec, Canada - TheNewswire - October 8, 2019 ...
About this update from Abcourt Mines, Inc. Class B
[{"type":"text","content":"Abcourt Completes the First Closing of a Private Placement of Common Share Units and Flow-Through Share Units for a Total of $728,000(via TheNewswire)\n \n \nRouyn-Noranda, Quebec, Canada - TheNewswire - October 8, 2019 - Abcourt Mines Inc. (TSXV:ABI.V), (Berlin:AML-BE) and (Frankfurt Stock Exchanges:AML-FF) (\"Abcourt\" or the \"Corporation\") completed yesterday a first closing of a non-brokered private placement totalling $728,000 in common share units and flow-through share units. This represents the first closing of a private placement of a maximum of $1,000,000 in common share units and of $1,000,000 in flow-through share units (the \"private placement\"). Each common unit offered at a price of $1,000 per unit (a \"Unit\") is comprised of 10,000 Class B shares of the Corporation (\"common shares\") at a price of $0.10 per common share and of 5,000 common share purchase warrants, each warrant entitling its holder to purchase one common share at a price of $0.13 at any time prior to the date that is twelve (12) months from the closing date. Each flow-through unit offered at a price of $1,000 each (a \"Flow-through Unit\") is comprised of 8,000 common shares of the Corporation to be issued on a flow-through basis at a price of $0.125 per flow-through share and of 4,000 common share purchase warrants, each warrant entitling its holder to purchase one common share at a price of $0.16 at any time prior to the date that is twelve (12) months from the closing date;\n\n \n \nThe first closing of the private placement closed today consists in the sale of 2,590,000 common shares, 3,752,000 flow-through shares and 3,171,000 common share purchase warrants. This represents a total gross proceeds of $728,000, of which $469,000 shall be incurred by the Corporation in Canadian exploration expenditures (CEE) on exploration mining properties located in the Province of Quebec.\n\n \n \nFinder fees of $7,680 were paid and 40,960 non-transferable finder warrants were issued in relation to certain subscriptions through an arm-length intermediary, each warrant entitling the holder to purchase one common share at a price of $0.13 for a one-year period.\n\n \n \nCertain related parties to Abcourt (the \"Related Parties\") have participated in the private placement for a total amount of $122,000 (representing approximately 16% of this first tranche ...