Business
Abcourt Mines Closes a Second Tranche of the Private Placement of Units Previously Announced, for an Additional Amount of $538,400
ROUYN-NORANDA, Quebec, Oct. 12, 2023 (GLOBE NEWSWIRE) -- Abcourt Mines Inc. (“Abcourt” or the “Corporation”) (TSX Venture: ABI) announces that it has completed
About this update from Abcourt Mines, Inc. Class B
[{"type":"text","content":" ROUYN-NORANDA, Quebec, Oct. 12, 2023 (GLOBE NEWSWIRE) -- Abcourt Mines Inc. (“Abcourt” or the “Corporation”) (TSX Venture: ABI) announces that it has completed a second tranche of the non-brokered private placement announced on August 31, 2023, for additional gross proceeds of $538,400, representing 13,460,000 units of the Corporation (“Units”) at a price of $0.04 per Unit (the \"Offering\"). Each Unit consists of one common share of the Corporation (a “Common Share”) and one common share purchase warrant (a “Warrant”). Each Warrant entitles the holder thereof to purchase one Common Share at a price of $0.05 for a period of 36 months. It is expected that the net proceeds from the Offering will be used in a proportion of 60% to advance activities for development and exploration at the Sleeping Giant Gold Project in the Abitibi Greenstone belt of Quebec and 40% for working capital and general corporate purposes. Pascal Hamelin, president and chief executive officer, and Christine Lefebvre, chief financial officer of the Corporation, respectively subscribed 1,750,000 Units and 700,000 Units under the second tranche of the Offering, representing total gross proceeds of $98,000, which constitutes a “related party transaction” within the meaning of Regulation 61-101 respecting Protection of Minority Security Holders in Special Transactions (“Regulation 61-101”). The directors of the Corporation who voted in favour of the Offering have determined that the exemptions from formal valuation and minority approval requirements provided for respectively under subsections 5.5(a) and 5.7(1)(a) of Regulation 61-101 can be relied on as neither the fair market value of the Units issued nor the fair market value of the consideration paid exceed 25% of the Corporation’s market capitalization. Payment of Royalty in Units The Corporation has also agreed to issue 2,166,506 Units to Maverix Metals Inc. in settlement of an amount of $86,660.23 representing a 2% NSR royalty on metallic and non-metallic minerals mined or otherwise recovered from each of the Sleeping Giant and Dormex properties over the last twelve months (the “Royalty Payment”) pursuant to the terms of a royalty agreement previously announced by the Corporation on September 22, 2022. All securities issued in connection with the Offering and the Royalty paymen...