Business
Financing Proposal of $6.5 M 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 Proposal of $6.5 M 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 February\n \n \n 5,\n \n \n 2021 -\n \n \n Abcourt Mines\nInc. (TSXV:ABI)\n \n \n (OTC:ABMBF)\n \n \n (“\n \n \n Abcourt\n \n \n ” or\nthe\n \n \n “\n \n \n Corporation\n \n \n ”\n \n \n ),\n \n \n is pleased to\nannounce\n \n \n \n \n it has accepted a financing proposal from the Royal\nBank of Canada (\n \n \n RBC\n \n \n ) for a total amount of $6,500,000.  This\nfinancing will be used to accelerate the development of the Sleeping\nGiant Mine.  It is composed of a term loan of $5 million, repayable\nover a period of 5 years, at an annual interest rate of 2.99% for the\nfirst year.  This loan will be secured by a movable hypothec on the\nequipment and rolling stock of the Sleeping Giant Mine.  The proposal\nalso includes a credit facility of $1,5 million for the purchase of\nmining equipment, 100% guaranteed by the purchased equipment.\n \n \n \n \n Closing of this financing will occur when all closing\nconditions will be satisfied, including the signature of the loan\ndocuments between the Corporation and RBC.\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 Mi-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 tonn...