Business
Abcourt Mines Closes First Tranche of Private Placement of Units Previously Announced for $1,582,750
ROUYN-NORANDA, Quebec, Sept. 07, 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, Sept. 07, 2023 (GLOBE NEWSWIRE) -- Abcourt Mines Inc. (“Abcourt” or the “Corporation”) (TSX Venture: ABI) announces that it has completed a first closing of the non-brokered private placement announced on August 31, 2023, for gross proceeds of $1,582,750, representing 39,568,750 Units of the Corporation 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 following the closing date of the Offering. A cash commission of $1,800 and warrants to acquire 45,000 units at a price of $0.05 per unit (the “Finder’s Units”) are payable to Red Cloud Securities Inc., as finder’s fees, for subscriptions sourced by the Finder. Each Finder Unit is comprised of one Common Share at a price of $0.05 and one Warrant, each Warrant giving the right to purchase one Common Share at a price of $0.05 for a period of 36 months following the closing date of the Offering. 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. All securities issued in connection with the Offering are subject to a restricted period ending on the date that is four months plus one day following the date of their issuance, expiring on January 7, 2024, in accordance with Canadian securities laws and policies of the TSX Venture Exchange (the “Exchange”). The Offering is subject to final approval of the Exchange. Insiders of the Corporation subscribed a total of 25,247,500 Units under the Offering, representing total gross proceeds of $1,009,900, 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 r...