Abcourt Amends the Terms of the Non-Brokered Private Placement Announced In June 2023
August 31 2023 - 7:00AM
Abcourt Mines Inc. (“Abcourt” or the
“Corporation”) (TSX Venture: ABI) announces that
it amends the terms of the non-brokered private placement announced
in June 2023, for which no closing occurred. It is now expected to
raise gross proceeds of up to $3,000,000 (the
"
Offering"), consisting of up to 75,000,000 units
of the Corporation (the "
Units") at a price of
$0.04 per Unit. Each Unit will consist of one common share of the
Corporation (a “
Common Share”) and one common
share purchase warrant (a “
Warrant”). Each Warrant
will entitle the holder thereof to purchase one Common Share at a
price of $0.05 for a period of 36 months following the closing date
of the Offering.
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.
All securities issued in connection with the
Offering 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.
A first closing of the Offering is expected to
take place on or around September 6, 2023 and remains subject to
certain conditions, including receipt of the approval of the TSX
Venture Exchange.
The securities offered have not been 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 SEDAR+ at www.sedarplus.com, or contact:
Pascal HamelinPresident and CEOT:
(819) 768-2857E: phamelin@abcourt.com |
Dany Cenac Robert, Investor
RelationsReseau ProMarket Inc.,T: (514)
722-2276, post 456E: dany.cenac-robert@reseaupromarket.com |
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; the completion of the Offering and expected the date of
closing 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.com. 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 this 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.
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