Abcourt Mines Secures $8M for Development of Sleeping Giant

Abcourt Mines Secures $8 Million Financing
Abcourt Mines Inc., a Canadian mining development company, is excited to share the closure of its secured financing facility with Nebari Natural Resources Credit Fund II, LP, amounting to US$8 million. This funding is crucial for initiating operations at the Sleeping Giant Mine, a project that has been long awaited.
CEO's Vision for Sleeping Giant Mine
Pascal Hamelin, the President and CEO of Abcourt, expressed enthusiasm about the funding. "This investment translates to non-dilutive cash flow, giving us significant operational flexibility. We are now on track to uplift the Sleeping Giant Mine towards commercial production," he stated. Hamelin also extended his gratitude to Nebari for their collaboration in unlocking the potential of this high-grade gold mine.
Partnering for Success
In supporting Abcourt, Steven Bowles, the Managing Director from Nebari, voiced optimism, stating that the depth of knowledge and readiness within the Abcourt team greatly increases the likelihood of fully optimizing the mine’s potential.
Details of the Financing Agreement
The financing comes with specific terms: the loan interest is pegged to a floating rate based on the three-month SOFR, plus an additional 12% per annum. Should the SOFR fall below 4%, it will be held at that threshold.
Repayment Terms and Warrants
Repayment is flexible, commencing after one year; however, a minimum prepayment of US$1 million is mandatory. Moreover, Abcourt issued 87,040,000 non-transferable warrants to Nebari. Each warrant can be exercised for one common share at $0.0625 per share until 2028, potentially adjusting if the principal amount is prepaid.
Advancing the Sleeping Giant Mine
With the financing secured, Abcourt is set to commence several immediate steps needed for gold production. This includes developing worker accommodations, progressing in tailing facilities to safely store processing residuals, and initiating work on new mining fronts within the mine.
Potential Operational Advancements
Addressing the upcoming crucial tasks, Abcourt aims to improve infrastructure at the mine, which will significantly enhance the overall efficiency of operations as gold extraction begins.
About Abcourt Mines Inc.
Abcourt Mines Inc. stands as a dedicated Canadian company aiming to revitalize its mine properties strategically located in northwestern Québec. With a strong focus on the Sleeping Giant Mine and adjacent Flordin property, the company is committed to fostering gold production in the region.
Contact Information
Those interested in learning more about Abcourt can reach out to:
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, #456
Email: dany.cenac-robert@reseaupromarket.com
Frequently Asked Questions
What is the purpose of the US$8 million financing?
The financing is aimed at starting the production operations at the Sleeping Giant Mine.
Who is involved in the financing agreement?
Nebari Natural Resources Credit Fund II, LP is the lending partner providing the funds.
What operational steps will Abcourt take next?
Abcourt plans to build worker accommodations, develop tailing facilities, and initiate mining operations.
How long is the financing agreement effective for?
The financing will be active for a period of 36 months from the closing date.
Where can I find more information about Abcourt?
Additional details can be found on their official website at www.abcourt.ca.
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