Industrial Alliance Securities assists; proceeds fund Elder Gold Mine
By Devika Patel
Knoxville, Tenn., May 25 - Abcourt Mines Inc. said it plans a C$3 million private placement of units. Industrial Alliance Securities Inc. is the agent.
The company will sell 12.5 million flow-through units of one flow-through common share and one half-share warrant at C$0.12 per unit. Each whole warrant will be exercisable at C$0.20 for one year. The strike price reflects an 81.82% premium to the May 24 closing share price of C$0.11.
The company also will sell 15 million units of one class B common share and one half-share warrant at C$0.10 per unit. Each whole, two-year warrant will be exercisable at C$0.14 in the first year and at C$0.16 in the second year. The strike prices are 27.27% and 45.46% premiums to the May 24 closing share price.
Settlement is expected June 4.
Proceeds will be used to advance the Elder Gold Mine project in the Abitibi region in the Province of Quebec and for working capital.
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: | Flow-through units of one flow-through common share and one half-share warrant, units of one class B common share and one warrant
|
| Amount: | C$3 million
|
| Warrants: | One half-share warrant per unit
|
| Agent: | Industrial Alliance Securities Inc.
|
| Pricing date: | May 25
|
| Settlement date: | June 4
|
| Stock symbol: | TSX Venture: ABI
|
| Stock price: | C$0.11 at close Dec. 1
|
| Market capitalization: | C$14.39 million
|
|
|
| Flow-through units
|
| Amount: | C$1.5 million
|
| Units: | 12.5 million
|
| Price: | C$0.12
|
| Warrant expiration: | One year
|
| Warrant strike price: | C$0.20
|
|
|
| Units
|
| Amount: | C$1.5 million
|
| Units: | 15 million
|
| Price: | C$0.10
|
| Warrant expiration: | Two years
|
| Warrant strike prices: | C$0.14 in the first year, C$0.16 in the second year
|
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