Abcourt Closes the Private Placement FOR $1,2 Million
For Immediate Release
TSX Venture– ABI.V
ABCOURT CLOSES THE PRIVATE PLACEMENT FOR $1,2 MILLION
______________________________________________________________________
Rouyn-Noranda, Canada, July 20, 2022 - Abcourt Mines Inc. (“Abc ourt” or the
“Corporation”) (TSX Venture: ABI) is pleased to announce the closing of the non-brokered
private placement as announced by the Corporation on July 5, 20 22 (the “Offering”), for
aggregate gross proceeds of $1,193,750, from the sale of:
- 550,000 units of the Corporation (each, a “Unit”) at a price of $0.065 per Unit for gross
proceeds of $35,750; and
- 14,475,000 flow-through units of the Corporation (each a “FT Unit”, and collectively with the
Units, the “Offered Securities”) at a price of $0.08 per FT Uni t for gross proceeds of
$1,158,000.
Each Unit consists of one class B common share of the Corporation (each a “Common Share”)
and one Common Share purchase warrant (each, a “Warrant”). Each FT Unit consists of one
Common Share to be issued as a “flow-through share” within the meaning of the Income Tax
Act (Canada) (each, a “FT Share”) and one Warrant. Each Warrant shall entitle the holder to
purchase one Common Share (each, a “Warrant Share”) at a price of $0.15 until no later than
36 months after the issue date of the Warrant.
A cash commission of $69,000 and Warrants to acquire 862,500 Un its are payable to Red
Cloud Securities Inc. (the “Finder”), as finder’s fees, for subscriptions sourced by the Finder.
The net proceeds raised from the Units will be used for working capital purposes and the
proceeds from the sale of FT Shares will be used to incur "Cana dian exploration expenses" as
defined in subsection 66.1(6) of the Income Tax Act and "flow t hrough mining expenditures" as
defined in subsection 127(9) of the Income Tax Act ("Qualifying Expenditures"). Such
proceeds will be renounced to the subscribers with an effective date not later than December
31, 2022, in the aggregate amount of not less than the total am ount of gross proceeds raised
from the issue of FT Shares.
The Common Shares, FT Shares, Warrants and Warrant Shares issue d pursuant to the
closing of the Offering have a hold period expiring on November 21, 2022. The Offering is
subject to final approval of the TSX Venture Exchange.
Subscriptions by insiders and officers in the Offering constitu te a “related party transaction”
within the meaning of Regulation 61-101 respecting protection o f minority security holders in
special transactions (“Regulation 61-101”). In its consideratio n and approval of the Offering ,
the Board of Directors of Abcourt has determined that such subs criptions to the Related
Parties are exempt from the formal valuation and minority appro val requirements of Regulation
61-101 on the basis that the fair market value of the subscript ions to the Related Parties does
not exceed 25% of the market capitalization of Abcourt, in acco rdance with sections 5.5 and
5.7 of Regulation 61-101.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy the
Offered Securities, nor shall there be any sale of the Offered Securities in any jurisdiction in
which such offer, solicitation or sale would be unlawful prior to the registration or qualification
under the securities laws of any such jurisdiction. The Offered Securities being offered will not
be, and have not been, registered under the United States Secur ities Act of 1933, as
amended, and may not be offered or sold within the United State s or to, or for the account or
benefit of, a U.S. person.
ABOUT ABCOURT MINES INC.
Abcourt Mines Inc. is a gold producer and a Canadian exploration 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.