By Sheri Kasprzak
Atlanta, June 6 - Abcourt Mines Inc. said it has closed a downsized private placement for C$1,122,230.
The company sold 2.66 million units at C$0.20 each and 2,459,292 flow-through units at C$0.24 each.
The non flow-through units include one class B share and a warrant for a class B share. The warrants are exercisable at C$0.27 each for two years.
The flow-through units include one flow-through class B share and one half-share warrant. The whole warrants provide for an additional share at C$0.30 each for two years.
The offering was downsized from the C$1,322,500 deal the company announced March 16. The terms of the deal have been changed significantly.
The company had originally planned to sell 4,723,214 non flow-through units at C$0.28 each with the two-year warrants priced at C$0.42 each. The offering was later upsized to C$1,955,000 and the terms were also changed at the upsizing to include 9.75 million non flow-through units at C$0.20 each. The two-year warrants were then priced at C$0.30 each.
Northern Securities Inc. was the placement agent.
Based in Mont-St. Hilaire, Quebec, Abcourt is a mineral exploration and development company. It plans to use the proceeds for a feasibility study and for a drilling program.
| Issuer: | Abcourt Mines Inc.
|
| Issue: | Flow-through and non flow-through units
|
| Amount: | C$1,122,230
|
| Placement agent: | Northern Securities Inc.
|
| Pricing date: | March 15
|
| Settlement date: | June 3
|
| Stock price: | C$0.31 at close March 15
|
| Stock price: | C$0.23 at close June 3
|
|
|
| Flow-through units
|
| Issue: | Flow-through units of one class B share and one half-share warrant
|
| Units: | 2,459,292
|
| Price: | C$0.24
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.30
|
|
|
| Non flow-through units
|
| Issue: | Non flow-through units of one class B share and one warrant
|
| Units: | 2.66 million
|
| Price: | C$0.20
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.27
|
|
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