Abcourt Mines Secures $1.6 Million in Private Placement Funding
Abcourt Mines Inc. Closes Successful Private Placement Offering
Abcourt Mines Inc. is thrilled to announce the completion of its initial tranche of a non-brokered private placement, which has garnered impressive gross proceeds of $1,668,040. This funding marks a pivotal moment for the company as it continues to advance its strategic projects.
Details of the Offering
The recent offering involved the sale of a combination of units and flow-through shares, enabling Abcourt to tap into crucial resources for its endeavors. Specifically, the company sold:
- 2,300,000 units at a price of $0.05 each, accumulating $115,000.
- 25,884,000 common shares classified as flow-through shares at $0.06 each, totaling $1,553,040.
Use of Proceeds
The funds from this offering will primarily support the exploration and advancement of Abcourt's notable gold projects, specifically the Flordin and Sleeping Giant mines, both located in the rich Abitibi Greenstone Belt. These projects have shown considerable potential, and this investment will help propel them forward.
Understanding the Units and Warrants
Each unit consists of one common share and one common share purchase warrant, offering holders the right to purchase additional shares at a discounted price of $0.08 per share, exercisable until April 3, 2028. This structure not only incentivizes investors but also provides an opportunity for significant upside should the projects thrive.
About Abcourt Mines Inc.
Abcourt Mines Inc. is a burgeoning Canadian exploration company, strategically positioned in northwestern Quebec. The company owns and operates several key properties, specifically focusing on the Sleeping Giant mine and mill and the Flordin property, which are primed for development and further exploration.
Our Commitment to Growth
Under the leadership of President and CEO Pascal Hamelin, Abcourt continues to pursue its mission of advancing gold exploration in Quebec. The recent financing is set to enhance operational capabilities and stimulate growth within the company, demonstrating their commitment to uncovering valuable mineral resources.
The company’s strategy revolves around leveraging its existing assets while actively seeking new opportunities that align with its long-term vision. With a dedicated team and an array of projects, Abcourt is positioned well to navigate the complexities of the mining sector.
Contact Information
For further inquiries, please contact:
Pascal Hamelin
President and CEO
T: (819) 768-2857
Email: phamelin@abcourt.com
Dany Cenac Robert
Investor Relations
Reseau ProMarket Inc.
T: (514) 722-2276, poste 456
Email: dany.cenac-robert@reseaupromarket.com
Frequently Asked Questions
What is the purpose of the private placement?
The private placement aims to raise funds for advancing Abcourt's gold exploration projects and for general corporate purposes.
How much did Abcourt raise from the offering?
Abcourt raised a total of $1,668,040 from the initial tranche of the private placement.
What are the key projects being funded?
The principal projects are the Flordin and Sleeping Giant gold projects located in Quebec.
What do the offered units include?
Each unit offered consists of one common share and a warrant that allows the purchase of additional shares at a fixed price.
What is the significance of flow-through shares?
Flow-through shares provide investors with certain tax advantages, as expenditures related to exploration can be passed down to them, benefiting their investment.
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