Non-brokered offering finances the Elder Gold Mine, working capital
By Devika Patel
Knoxville, Tenn., Aug. 24 - Abcourt Mines Inc. said it plans a C$1 million non-brokered private placement of units.
The company will sell 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 a 122.22% premium to the Aug. 23 closing share price of C$0.09.
The company also will sell units of one 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 55.56% and 77.78% premiums, respectively, to the Aug. 23 closing share price.
Proceeds will be used to advance the Elder Gold Mine project in the Abitibi region in Quebec and for working capital.
The company also said it will not proceed with further closings in the C$1.05 million private placement of flow-through units with Industrial Alliance Securities Inc.
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.
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Issue: | Flow-through units of one flow-through common share and one half-share warrant, units of one common share and one warrant
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Amount: | C$1 million
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Warrants: | One half-share warrant per unit
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Agent: | Non-brokered
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Pricing date: | Aug. 24
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Stock symbol: | TSX Venture: ABI
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Stock price: | C$0.09 at close Aug. 23
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Market capitalization: | C$14.58 million
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Flow-through units
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Price: | C$0.12
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Warrant expiration: | One year
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Warrant strike price: | C$0.20
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Units
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Price: | C$0.10
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Warrant expiration: | Two years
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Warrant strike price: | C$0.14 in the first year, C$0.16 in the second year
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