Abcourt Mines Inc. Announces Successful Financing Round
ROUYN-NORANDA, Quebec – Abcourt Mines Inc. (“Abcourt” or the “Corporation”) (TSX Venture: ABI) (OTCQB: ABMBF) recently completed an important financial milestone by closing a non-brokered private placement of 20,866,666 units priced at $0.06 each. This placement generated substantial gross proceeds of approximately $1,251,999.96.
Endorsement from New Shareholder
Abcourt’s CEO, Pascal Hamelin, expressed gratitude towards existing shareholders and welcomed NQ Investissement Minier as a new stakeholder. He stated that their participation in this financing serves as a robust endorsement of Abcourt's projects, illustrating the potential the company holds within the mining sector.
Details of the Private Placement
Each unit in the private placement comprises one common share and one share purchase warrant. Each warrant grants the holder the right to acquire an additional common share at a price of $0.08 within a 36-month period. These funds are intended to support ongoing development and exploration activities at the Sleeping Giant Gold Project located in the Abitibi Greenstone belt of Quebec.
Regulatory Approval and Securities Holding Period
The completion of this private placement is subject to approval from the TSX Venture Exchange. Additionally, all securities issued during this placement are subject to a statutory hold period that ends four months plus one day after their issuance.
Expectations Moving Forward
The funds raised are poised to enhance Abcourt's capacity to make significant advancements at its Sleeping Giant Gold Project. By focusing on exploration and development, Abcourt aims to capitalize on emerging opportunities in the resource sector.
Spotlight on NQ Investissement Minier
NQ Investissement Minier is a collaborative initiative between The Société de développement de la Baie-James (SDBJ) and l'Administration Régionale Baie-James (ARBJ). This investment fund is dedicated to financing mining operations while adhering to sustainable development principles in Nord-du-Québec.
About Abcourt Mines Inc.
Abcourt Mines Inc. stands as a prominent Canadian exploration corporation with strategically situated properties in northwestern Quebec. The corporation's primary focus lies within the Sleeping Giant mill and mine, where it concentrates its operational efforts.
Contact Information
For additional inquiries, please contact:
Pascal Hamelin
President and CEO
T: (819) 768-2857
E: phamelin@abcourt.com
Dany Cenac Robert
Investor Relations, Reseau ProMarket Inc.
T: (514) 722-2276, post 456
E: dany.cenac-robert@reseaupromarket.com
Frequently Asked Questions
What is the amount raised in Abcourt's private placement?
Abcourt raised approximately $1,251,999.96 in its recent non-brokered private placement.
Who is the new shareholder that joined Abcourt?
NQ Investissement Minier has joined as a new shareholder of Abcourt, showcasing strong support for the company.
What will the funds from the placement be used for?
The proceeds will be utilized for development and exploration projects at the Sleeping Giant Gold Project.
How long do shareholders have to exercise their warrants?
Shareholders have a period of 36 months to exercise their warrants to purchase additional common shares.
What is Abcourt's primary focus?
Abcourt Mines Inc. focuses on exploration and development, particularly at its Sleeping Giant mill and mine in northwestern Quebec.
