Abcourt Announces the Closing of a Private Placement of
FOR IMMEDIATE RELEASE
TSX Venture – ABI.V
January 4, 2017
Abcourt Announces the Closing of a Private Placement of
Units and Flow-Through Shares for a Total of $ 533,550
___________________________________________________
Mont-St-Hilaire, Québec, Canada, January 4, 2017
Mr. Renaud Hinse, President and Chief Executive Officer of Abcourt Mines Inc. (TSX -
V: ABI, Berlin: AML -BE and Frankfurt Stock Exchanges: AML- FF) (“Abcourt” or the
“Company”) announces that the Company closed a non-brokered private placement for an
amount of $533,550 (the “Private Placement”). The Private Placement consisted in the
sale of 168 units at a price of $850 each and of 3,907,500 flow -through shares at a price of
$0.10 per flow-through share. Each unit is comprised of one Class B share (a “ common
share”) of the Company at a price of $0.085 per common share and of one- half common
share purchase warrant (a “ Unit”). Each full warrant will entitle the holder thereof to
purchase one common share of the Company at a price of $0.10 over a period of 12
months from the date of closing. The Company will issue a total of 1,680,000 common
shares, 3,907,500 flow -through shares and of 840,000 warrants pursuant to the Private
Placement.
The proceeds from the subscriptions of Units sold pursuant to the Private Placement will be
used by the Company to pay the issue expenses and to increase its working capital . The
proceeds from the subscriptions of flow -through shares will be used to incur exploration
expenses, mainly surface drilling, on mining properties of Abcourt (Aldermac, Harricana,
Dormex, etc…). Harricana and Dormex properties are close to the Sleepi ng Giant Mine.
Certain related parties to Abcourt (the “Related Parties”) have participated in the Private
Placement:
• Mr. Renaud Hinse, director and chief executive officer of Abcourt, has purchased one
Unit (representing 10,000 common shares and 5,000 warrants) and 350,000 flow -
through shares. Decochib inc., a private company controlled by Renaud Hinse, has
subscribed 650,000 flow-through shares. After the Private Placement, assuming the
exercise of the warrants included in the units purchased by Renaud Hinse, Renaud
Hinse would hold, directly or indirectly, or exercise control over approximately
17.48% of the Company’s common shares issued and outstanding.
• Mr. Normand Hinse, director of Abcourt, has purchased 18 units (re presenting
180,000 common shares and 90,000 warrants) and 347,000 flow -through shares.
Système Electronique Rayco Ltee., a private company controlled by Normand Hinse,
has subscribed 60 units (representing 600,000 common shares and 300 000
warrants). Aft er the Private Placement, assuming the exercise of the warrants
included in the units purchased, Normand Hinse would hold, directly or indirectly, or
exercise control over approximately 2.45% of the Company’s common shares issued
and outstanding.
• Mr. Ma rc Filion, director of Abcourt, has purchased 2 units (representing 20,000
common shares and 10,000 warrants) and 83,000 flow -through shares. After the
Private Placement, assuming the exercise of the warrants included in the units
purchased by Mr. Filion, Marc Filion would hold, directly or indirectly, or exercise
control over less than 1% of the Company’s common shares issued and outstanding.
The securities issued to the Related Parties in the Private Placement constitutes a “related
party transaction” within the meaning of Regulation 61- 101 respecting protection of minority
security holders in special transactions (“Regulation 61- 101”). In its consideration and
approval of the Private Placement, the board of directors of Abcourt has determined that
such subscriptions to the Related Parties are exempt from the formal valuation and minority
approval requirements of Regulation 61-101 on the basis that the fair market value of these
subscriptions to the Related Parties does not exceed 25% of the market capi talization of
Abcourt, in accordance with sections 5.5 and 5.7 of Regulation 61-101.
All of the securities of Abcourt issued under the Private Placement are subject to a hold
period of four months from the closing date, expiring on May 1, 2017. The Private
Placement is subject to the final approval of the TSX Venture.
About Abcourt Mines Inc.
Abcourt Mines Inc. is a gold producer and a Canadian exploration company with strategically
located properties in northwestern Quebec, Canada. The Elder property has gold resources
(2012) and a positive P.E.A. study. Abcourt is focusing on the exploitation of the Elder mine.
The Abcourt -Barvue property has silver –zinc resources (2012). A feasibility study was
completed in 2007 by Roche / Genivar on the Abcourt-Barvue project.
In 2016, Abcourt has acquired the Sleeping Giant mine and mill, located half -way between
Amos and Matagami, in Abitibi, Quebec, in the territory covered by the Plan Nord of the
Quebec government. The mill has a capacity of 700 to 750 tonnes per day and the Sleeping
Giant property has measured and indicated historical resources of 306,000 tonnes with a
grade of 12.3 grams of gold per tonne and 42,000 tonnes of inferred historical resources with
a grade of 12.4 grams of gold per tonne. Other advanced exploration properties were also
acquired, with, in aggregate, historical indicated and measured resources totaling 403,210
ounces of gold and historical inferred resources of 432,000 ounces of gold.
Historical resources in copper, zinc, gold and si lver are found on the Aldermac and Jonpol
properties.
Work must be done to upgrade or verify the historical mineral resources as current mineral
resources.
A qualified person has not done sufficient work to classify the historical estimate as current
mineral resources, and the issuer is not treating the historical estimate as current mineral
resources.
To know more about Abcourt Mines Inc. (TSXV: ABI), please visit our web site at
www.abcourt.com and consult our filings under Abcourt’s profile on www.sedar.com.
This press release was prepared by Mr. Renaud Hinse, Engineer and President of Abcourt
Mines Inc. Mr. Hinse is a “Qualified Person” under the terms of Regulation 43-101.
Forward-Looking Statements
This news release contains forward- looking statements that include risks and uncertainties.
When used in this news release, the words "estimate", "project", "anticipate", "expect",
"intend", "believe", "hope", "may" and similar expressions, as well as "will", "shall" and other
indications of future tense, are intended to identify forward- looking statements. The forward-
looking statements are based on current expectations and apply only as of the date on which
they were made. Except as may be required by law, the Corporation undertakes no obligation
and disclaims any responsibility to publicly update or revise any forward- looking statements
or information, whether as a result of new information, future events or otherwise.
The factors that could cause actual results to differ materially from those indicated in such
forward-looking statements include changes in the prevailing price of gold, the Canadian-
United States exchange rate, grade of ore mined and unforeseen difficulties in mining
operations that could affect revenue and production costs. Other factors such as uncertainties
regarding government regulations could also affect the results. Other risks may be set out in
Abcourt’ annual and periodic reports. The forward- looking information contained herein is
made as of the date of this news release.
For more information, please contact:
Renaud Hinse, President and CEO
T: 819 768-2857 450 446-5511
F: 819 768-5475 450 446-3550
Email : [email protected]
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined
in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.