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Abitibi Metals Announces $3 Million No Warrant Private Placement at $0.86/Share
March 20, 2024 / TheNewswire / London, Ontario – Abitibi Metals Corp. (CSE:AMQ) (OTCQB:AMQFF) (FSE:4KG) (“Abitibi” or the “Company”), is pleased to announce a n
About this update from Abitibi Metals Corp
[{"type":"text","content":"March 20, 2024 / TheNewswire / London, Ontario – Abitibi Metals Corp. (CSE:AMQ) (OTCQB:AMQFF) (FSE:4KG) (“Abitibi” or the “Company”), is pleased to announce a non-brokered private placement (the “Offering”) to raise gross proceeds of up to C$3,000,000 through the issuance of up to 3,488,372 common shares of the Company that will be closed before April 9, 2024. Jonathon Deluce, CEO of Abitibi Metals, stated, \"We are pleased to announce this strategic financing to be led by the Deluce family. With the success of our on-going maiden drill program, this financing will position Abitibi to execute on a series of strategic objectives and accelerate the Company’s plan to earn to up to 80% of the B26 Deposit.” The Offering will consist of $3,000,000 of charity flow-through common shares (“CFT Shares”) priced at C$0.86/share for the issuance of 3,488,372 CFT Shares. The FT Shares will qualify as “flow-through shares” (within the meaning of subsection 66(15) of the Income Tax Act (Canada) (the “Tax Act”)). The gross proceeds from the Charity Flow-Through Offering will be used to incur \"Canadian exploration expenses\" that are \"flow-through mining expenditures\" (as such terms are defined in the Income Tax Act (Canada)) related to the Company’s projects in Québec. Finder’s fees in cash or securities may be paid on gross proceeds of the financing, as permitted by securities laws. Eventus Capital Corp. has been appointed as a Finder in connection with the Offering. The securities issued in connection with the Offering are subject to the Company’s filing requirements with the Canadian Securities Exchange, and all securities will be subject to a four-month statutory hold period after closing. About Abitibi Metals Corp.: Abitibi Metals Corp. is a Quebec-focused mineral acquisition and exploration company focused on the development of quality base and precious metal properties that are drill-ready with high-upside and expansion potential. Abitibi’s portfolio of strategic properties provides target-rich diversification and includes the option to earn 80% of the high-grade B26 Polymetallic Deposit (Ind: 7.0MT @ 2.94% Cu Eq & Inf: 4.4MT @ 2.97% Cu Eq) and the Beschefer Gold Project, where historical drilling has identified 4 historical intercepts with a metal factor of over 100 g/t gold highlighted by 55.63 g/t gold over 5.57 metres and 13.07...