Abcourt Mines Secures $5.8 Million Financing for Growth
Abcourt Mines Raises $5.8 Million for Strategic Projects
Abcourt Mines Inc. is excited to share that it has successfully secured a financing package worth $5.8 million from Investissement Québec. This financial backing will aid in the advancement of its Sleeping Giant project and further enhance the company's development initiatives.
Details of the Financing Agreement
The offered financing consists of two bridge loans. The first loan, totaling up to $1.3 million, is intended to support tax credits related to resources for the fiscal year ending June 30, 2025. The second bridge loan, which can reach $4.5 million, will finance tax credits related to resources for the fiscal year ending June 30, 2026. These loans will provide Abcourt with the necessary capital for operations and project expansion.
Leadership's Perspective
Pascal Hamelin, President and CEO of Abcourt Mines, expressed his enthusiasm regarding this financing. He stated, "Having Investissement Québec as a partner brings significant support during this crucial phase of our Sleeping Giant project development, steering us towards our commercial production goals." This partnership signifies confidence in Abcourt's potential to succeed and grow within the mining industry.
Loan Terms and Security Details
The loans feature an interest rate pegged to the prime rate plus 2.55%. This will be applicable until December 31, 2026, for the first loan, and until December 31, 2027, for the second loan. For added security, the loans will be backed by a first-ranking security on refundable tax credits and an irrevocable support letter of credit representing 10% of the total loans. The funds will be made available following the finalization of loan agreements.
Company Overview
Abcourt Mines Inc. is a dynamic Canadian development company with focus on strategically located mining properties. The company operates the Sleeping Giant mine and mill and the Flordin property, which are significant assets in its portfolio. Abcourt is dedicated to maximizing its resources and enhancing its operational efficiency to drive shareholder value.
Commitment to Sustainable Practices
As Abcourt progresses with its developments, the company remains committed to sustainable mining practices. This involves prioritizing environmental responsibilities and community engagement as integral aspects of its operational framework.
Future Outlook
With the financial resources now available, Abcourt Mines is poised for a promising future. The company plans to utilize these funds to develop its mining projects responsibly and effectively, hoping to positively impact both the local economy and the environment.
Frequently Asked Questions
What is the purpose of the $5.8 million financing?
The financing aims to support Abcourt Mines in advancing the Sleeping Giant project and covering tax credits related to mining resources.
What are the terms of the loans?
The loans will have interest rates plus 2.55% and will be secured against refundable tax credits.
Who is partnering with Abcourt in this financing?
Investissement Québec, representing the Government of Québec, is the financial partner backing Abcourt Mines in this venture.
How will the financing impact Abcourt's operations?
The financing is expected to significantly enhance Abcourt's development capabilities, enabling progress towards commercial production.
What projects does Abcourt work on?
Abcourt Mines focuses on the Sleeping Giant mine, along with the Flordin property, aiming to utilize its resources effectively for future growth.
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