Non-brokered offering finances the Elder Gold Mine, working capital
By Devika Patel
Knoxville, Tenn., Dec. 30 – Abcourt Mines Inc. said it settled C$707,390 of a C$2 million non-brokered private placement of units on Dec. 29.
The company is selling flow-through shares at C$0.06 apiece and 20 million units of one common share and one half-share warrant at C$0.05 per unit.
Each whole warrant is exercisable at C$0.07 for one year. The strike price reflects a 40% premium to the Dec. 29 closing share price of C$0.05.
The company sold 11,789,833 flow-through shares in the first tranche.
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 shares, units of one common share and one half-share warrant
|
| Amount: | C$2 million
|
| Agent: | Non-brokered
|
| Announcement date: | Dec. 30
|
| Settlement date: | Dec. 29 (for C$707,390)
|
| Stock symbol: | TSX Venture: ABI
|
| Stock price: | C$0.05 at close Dec. 29
|
| Market capitalization: | C$8.2 million
|
|
|
| Flow-through shares
|
| Amount: | C$1 million
|
| Price: | C$0.06
|
| Warrant expiration: | No
|
|
|
| Units
|
| Amount: | C$1 million
|
| Units: | 20 million
|
| Price: | C$0.05
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | One year
|
| Warrant strike price: | C$0.07
|
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