Industrial Alliance Securities assists; proceeds fund Elder Gold Mine
By Devika Patel
Knoxville, Tenn., June 11 - Abcourt Mines Inc. said it raised C$1.05 million in the first tranche of a C$3 million private placement of units. Industrial Alliance Securities Inc. is the agent for the deal, which priced May 25.
The company is selling 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 is selling 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.
In the first tranche, Abcourt Mines sold 8.75 million flow-through units.
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 half-share warrant
|
| Amount: | C$3 million
|
| Warrants: | One half-share warrant per unit
|
| Agent: | Industrial Alliance Securities Inc.
|
| Pricing date: | May 25
|
| Settlement date: | June 11 (for C$1.05 million)
|
| Stock symbol: | TSX Venture: ABI
|
| Stock price: | C$0.11 at close May 24
|
| Market capitalization: | C$15.33 million
|
|
|
| Flow-through units
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| Amount: | C$1.5 million
|
| Units: | 12.5 million
|
| Price: | C$0.12
|
| Warrant expiration: | One year
|
| Warrant strike price: | C$0.20
|
|
|
| Units
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| 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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