Business
Abcourt Mines Closes Brokered Private Placement for Gross Proceeds of Approx. $5.25 Million
ROUYN-NORANDA, Quebec, Dec. 11, 2024 (GLOBE NEWSWIRE) -- Abcourt Mines Inc. (“Abcourt” or the “Company”) (TSX Venture: ABI) (OTCQB: ABMBF) is pleased to announc
About this update from Abcourt Mines, Inc. Class B
[{"type":"text","content":" ROUYN-NORANDA, Quebec, Dec. 11, 2024 (GLOBE NEWSWIRE) -- Abcourt Mines Inc. (“Abcourt” or the “Company”) (TSX Venture: ABI) (OTCQB: ABMBF) is pleased to announce that it has closed its previously announced brokered private placement conducted by Red Cloud Securities Inc., as lead agent and sole bookrunner (the “Agent”), for aggregate gross proceeds of $5,254,012.55 (the “Offering”) from the sale of the following: 12,943,500 units of the Company (the “Units”) at a price of $0.055 per Unit for gross proceeds $711,892.50 from the sale of Units; and 69,878,770 common shares of the Company that qualify as “flow-through shares” within the meaning of subsection 66(15) of the Income Tax Act (Canada) (the “Income Tax Act”) and section 359.1 of the Taxation Act (Québec) (the “Québec Tax Act”) (each, a “FT Share”) at a price of $0.065 per FT Share for gross proceeds of $4,542,120.05 from the sale of FT Shares. Each Unit consists of one common share of the Company (each, a “Unit Share”) and one common share purchase warrant (each, a “Warrant”). Each Warrant entitles its holder to purchase one common share of the Company (each, a “Warrant Share”) at a price of $0.08 at any time on or before December 11, 2027. The Company has elected to withdraw the Offering Document filed on November 4, 2024, and to not proceed with the offering of the units under the listed issuer financing exemption as set forth in Part 5A of National Instrument 45-106 – Prospectus Exemptions (“NI 45-106”). The Units and FT Shares were offered on a private placement basis pursuant to the “accredited investor” exemption under NI 45-106. The Units were also sold in offshore jurisdictions on a private placement basis pursuant to applicable registration and prospectus exemptions. All securities issued under the Offering are subject to a statutory hold period to purchasers resident in Canada ending on the date that is four months plus one day following the closing date of the Offering. The Offering remains subject to the final approval of the TSX Venture Exchange. The Company intends to use the proceeds of the Offering for the exploration and advancement of the Company’s Flordin and Sleeping Giant gold projects, which are located in the Abitibi Greenstone Belt in Québec, as well as for working capital purposes and general corporate purposes. In consideration of their services ...