Abcourt Closes a Second Tranche of the Private Placement of Units Previously Announced, FOR an Additional Amount of $538,400
For immediate release
TSX Venture: ABI.V
ABCOURT CLOSES A SECOND TRANCHE OF THE PRIVATE PLACEMENT OF
UNITS PREVIOUSLY ANNOUNCED, FOR AN ADDITIONAL AMOUNT OF $538,400
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED
STATES
Rouyn-Noranda, Canada, October 12, 202 3 - Abcourt Mines Inc. (“Abcourt” or the
“Corporation”) (TSX Venture: ABI) announces that it has completed a second tranche of the
non-brokered private placement announced on August 31, 2023, for additional gross proceeds of
$538,400, representing 13,460,000 units of the Corporation (“Units”) at a price of $0.04 per Unit
(the "Offering").
Each Unit consist s of one common share of the Corporation (a “ Common Share ”) and one
common share purchase warrant (a “ Warrant”). Each Warrant entitles the holder thereof to
purchase one Common Share at a price of $0.05 for a period of 36 months.
It is expected that the net proceeds from the Offering will be used in a proportion of 60% to
advance activities for development and exploration at the Sleeping Giant Gold Project in the
Abitibi Greenstone belt of Quebec and 40% for working capital and general corporate purposes.
Pascal Hamelin, president and chief executive officer, and Christine Lefebvre, chief financial
officer of the Corporation, respectively subscribed 1,750,000 Units and 700,000 Units under the
second tranche of the Offering, representing total gross proceeds of $98,000, which constitutes
a “related party transaction” within the meaning of Regulation 61-101 respecting Protection of
Minority Security Holders in Special Transactions (“Regulation 61-101”). The directors of the
Corporation who voted in favour of the Offering have determined that the exemptions from formal
valuation and minority approval requirements provided for respectively under subsections 5.5(a)
and 5.7(1)(a) of Regulation 61-101 can be relied on as neither the fair market value of the Units
issued nor the fair market value of the consideration paid exceed 25% of the Corporation’s market
capitalization.
Payment of Royalty in Units
The Corporation has also agreed to issue 2,166,506 Units to Maverix Metals Inc. in settlement of
an amount of $86,660.23 representing a 2% NSR royalty on metallic and non-metallic minerals
mined or otherwise recovered from each of the Sleeping Giant and Dormex properties over the
last twelve months (the “Royalty Payment ”) pursuant to the terms of a royalty agreement
previously announced by the Corporation on September 22, 2022.
All securities issued in connection with the Offering and the Royalty payment will be subject to a
restricted period ending on the date that is four months plus one day following the date of their
issuance, in accordance with Canadian securities laws and policies of the TSX Venture Exchange
(the “Exchange”).
The Offering and the Royalty Payment remain subject to final approval of the Exchange.
The securities offered have not been and will not be registered under the U.S. Securities Act of
1933, as amended, and may not be offered or sold in the United States absent registration or an
applicable exemption from the registration requirements. This news release shall not constitute
an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in
any State in which such offer, solicitation or sale would be unlawful.
ABOUT ABCOURT MINES INC.
Abcourt Mines Inc. is a Canadian exploration corporation with strategically located properties in
northwestern Québec, Canada. Abcourt owns the Sleeping Giant mill and mine where it
concentrates its activities.
For further information, please visit our website at www.abcourt.ca and consult our filings under
Abcourt's profile on www.sedarplus.ca, or contact:
Pascal Hamelin
President and CEO
T: (819) 768-2857
Dany Cenac Robert, Investor Relations
Reseau ProMarket Inc.,
T: (514) 722-2276, post 456
Cautionary Statement on Forward-Looking Information
This news release contains “forward -looking information” within the meaning of applicable
Canadian securities legislation based on expectations, estimates and projections as at the date
of this news release. Such forward-looking information includes, but is not limited to, statements
concerning the Corporation’s expectations with respect to the use of proceeds and the use of the
available funds following completion of the Offering. Forward -looking information involves risks,
uncertainties and other factors that could cause actual events, results, performance, prospects
and opportunities to differ materially from those expressed or implied by such forward -looking
information. Factors that could cause actual results to differ materially from such forward-looking
information include, but are not limited to, delays in obtaining or failures to obtain required
approvals; uncertainties relating to the availability and costs of financing needed in the future;
changes in equity markets; inflation; fluctuations in commodity prices; delays in the development
of projects; other risks involved in the mineral exploration and development industry; and those
risks set out in the Corporation’s public documents filed on SEDAR + at www.sedarplus.ca.
Although the Corporation believes that the assumptions and factors used in preparing the forward-
looking information in this news release are reasonable, undue reliance should not be placed on
such information, which only applies as of the date of th is news release, and no assurance can
be given that such events will occur in the disclosed time frames or at all. The Corporation
disclaims any intention or obligation to update or revise any forward-looking information, whether
as a result of new information, future events or otherwise, other than as required by law.
Neither the 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 news release.