By Devika Patel
Knoxville, Tenn., Nov. 5 - Abcourt Mines Inc. announced that it has completed a C$1.1 million private placement of units and stock.
The company sold 1,053,800 class B shares at C$0.45 each for C$474,210. It also sold 1,772,116 units at C$0.38 apiece for C$673,404. Each unit consists of one class B non flow-through share and one class B purchase warrant. Each warrant is exercisable into one class B share for two years at C$0.50.
The company paid a 7% cash finder's fee and 74,200 warrants, or 7% of the number of units sold. Each two-year warrant is exercisable for one class B share at C$0.50 per share. The company also paid a 3% cash finder's fee on certain flow-through share subscriptions.
Proceeds will be used to conduct exploration programs on the Aldermac and Jonpol properties and complete environmental studies on the Abcourt-Barvue project.
Based in Mont-St-Hilaire, Quebec, Abcourt Mines is engaged in exploration work and studies to place its mining properties into production.
| Issuer: | Abcourt Mines Inc.
|
| Issue: | Units of one class B non flow-through share and one class B purchase warrant; class B shares
|
| Amount: | C$1.1 million
|
| Settlement date: | Nov. 5
|
| Stock symbol: | TSX Venture: ABI
|
| Stock price: | C$0.41 at close Nov. 5
|
|
|
| Units
|
| Amount: | C$673,404
|
| Units: | 1,772,116
|
| Price: | C$0.38
|
| Warrants: | One per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.50
|
|
|
| Shares
|
| Amount: | C$474,210
|
| Units: | 1,053,800
|
| Price: | C$0.45
|
| Warrants: | No
|
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