Abcourt Closes the Private Placement of Common Units Announced Previously FOR $1,675,000
For Immediate Release
TSX Venture– ABI.V
ABCOURT CLOSES THE PRIVATE PLACEMENT OF COMMON UNITS
ANNOUNCED PREVIOUSLY FOR $1,675,000
______________________________________________________________________
Rouyn-Noranda, Canada, May 31, 2022 - Abcourt Mines Inc. (“Abco urt” or the
“Corporation”) (TSX Venture: ABI) announces the closing of a non-brokered private
placement announced on March 29, 2022, for a number of 16,750,000 Units at a price of $0.10
per Unit for total proceeds of $1,675,000. Each Unit is compos ed of one (1) Class B share of
the Corporation (a “Common Share”) and one (1) Common Share pur chase warrant, each
warrant and $0.15 being required to purchase one Common Share o f the Corporation until
May 31, 2025 (the “Private Placement”).
Net proceeds from the Private Placement will be used by the Corporation for its working capital
to pay current debts. No finder fees were paid in connection with the Private Placement.
After the Private Placement, the Corporation has 328,289,130 Co mmon Shares issued and
outstanding.
Certain related parties to Abcourt (the “Related Parties”) have participated in the Private
Placement:
- Renaud Hinse, Director, through Décochib Inc., a private compan y owned by Renaud
Hinse and members of his family, has purchased 6,650,000 Units (representing
6,650,000 Common Shares and 6,650,000 warrants) for an amount o f $665,000. After
the Private Placement and before the exercise of the warrants i ncluded in the Units,
Renaud Hinse will hold or exercise control, directly or indirec tly, over approximately
18.3% of the Corporation’s issued and outstanding Common Shares . After the Private
Placement and if all the warrants issued under the Private Plac ement were exercised,
Renaud Hinse would hold or exercise control, directly or indire ctly, over approximately
19.3% of the Corporation’s issued and outstanding Common Shares.
- Francois Mestrallet, Director, directly and through SARL MF, a private company
controlled by François Mestrallet, has purchased a total of 5,0 00,000 Units (representing
5,000,000 Common Shares and 5,000,000 warrants) for an amount o f $500,000. After
the Private Placement and before the exercise of the warrants i ncluded in the Units,
François Mestrallet will hold or exercise control, directly or indirectly, over approximately
17.7% of the Corporation’s issued and outstanding Common Shares . After the Private
Placement and if all the warrants issued under the Private Plac ement were exercised,
François Mestrallet would hold or exercise control, directly or indirectly, over
approximately 18.3% of the Corporation’s issued and outstanding Common Shares.
The securities issued to the Related Parties in the Private Pla cement 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 c onsideration and approval
of the Private Placement, the Board of Directors of Abcourt has determ ined that such
subscriptions to the Related Parties are exempt from the formal valuation and mi nority approval
requirements of Regulation 61-101 on the basis that the fair market value of the subscriptions to
the Related Parties does not exceed 25% of the market capitalization of Abc ourt, in accordance
with sections 5.5 and 5.7 of Regulation 61-101.
All of the securities of Abcourt issued under the Private Place ment are subject to a hold period
of four months from the closing date, expiring on October 1, 2022 for the securities issued at
the first closing. 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 exploratio n corporation with strategically
located properties in northwestern Quebec, Canada. Abcourt owns the Sleeping Giant mill and
mine where it concentrates its activities.
For more information about Abcourt Mines Inc., please visit our web site at www.abcourt.com
and consult our filings under Abcourt's profile on www.sedar.com.
Pascal Hamelin,
President and CEO
T : (819) 768-2857
Dany Cenac Robert, Investor Relations
Reseau ProMarket Inc.,
T: (514) 722-2276 post 456
The TSX Venture Exchange and its regulatory service provider (as defined in the policies of the TSX
Venture Exchange) assume no responsibility for the adequacy or accuracy of this press release.