Business
Financing of $6,5 M Completed with The Royal Bank of Canada for the Development of The Sleeping Giant Mine
(TheNewswire) Rouyn-Noranda, Québec, Canada – TheNews...
About this update from Abcourt Mines, Inc. Class B
[{"type":"text","content":"Financing of $6,5 M Completed with The Royal Bank of Canada for the Development of The Sleeping Giant Mine\n \n \n (TheNewswire)\n \n \n \n \n \n \n \n \n Rouyn-Noranda,\n \n \n Québec,\n \n \n Canada –\n \n \n TheNewswire\n-\n \n \n March 3,\n \n \n 2021\n \n \n \n \n Abcourt Mines Inc. (TSXV:ABI)\n \n \n (“\n \n \n Abcourt\n \n \n ” or the\n \n \n “\n \n \n Corporation\n \n \n ”\n \n \n ),\n \n \n announced on\nFebruary 5 last that a financing proposal had been received from the\nRoyal Bank of Canada to accelerate the development of the Sleeping\nGiant mine.  All the closing conditions have been satisfied and a\nfirst tranche of one million dollars ($1M) was deposited in our\naccount on February. 25, 2021.\n \n \n \n \n This financing includes a term loan of $5M, repayable\nover a period of 5 years at an annual interest rate of 2,99 % for the\nfirst year rate to be determined for each successive request for\nfunds..  This loan will be secured by a movable hypothec on the\nequipment and rolling stock and by the accounts receivable.\n \n \n \n \n The financing also includes a credit facility of $1,5\nmillion for the purchase of mining equipment, 100% guaranteed by the\npurchased equipment.\n \n \n \n \n This press release was prepared by Mr. Renaud Hinse,\nEngineer and President of Abcourt Mines Inc. Mr. Hinse is a\n“Qualified Person” under the terms of Regulation 43‑101.  Mr.\nHinse has approved the scientific and technical disclosure\nbelow.\n \n \n \n \n ABOUT ABCOURT MINES INC.\n \n \n \n \n Abcourt is a gold producer and a Canadian exploration\ncompany with strategically located properties in northwestern Quebec,\nCanada. The Elder property has gold resources. Abcourt is currently\nfocusing on the exploitation of the Elder mine and on the development\nof the Sleeping Giant mine.\n \n \n \n \n In 2016, Abcourt acquired the Sleeping Giant mine and\nmill, located half-way between Amos and Matagami, in Abitibi, Province\nof Quebec. The mill has a capacity to treat 700 to 750 tonnes per day.\nAn evolution of the mineral resources, according to Ni-43-101 was\nprepared by Mr. Valère Larouche, consulting engineer in geology. It\nwas filed on Sedar on may 13, 2019.\n \n \n \n \n Measured mineral resources total 10,900 tonnes with a\ngrade of 12.20 g/t o...