Non-brokered offering finances reopening of the Sleeping Giant Mill
By Devika Patel
Knoxville, Tenn., Aug. 9 – Abcourt Mines Inc. said it settled a C$2,381,000 non-brokered private placement of units.
The company sold 23.81 million units of one common share and one half-share warrant at C$0.12 per unit. Each whole warrant is exercisable at C$0.13 for one year. The strike price reflects an 18.18% premium to the Aug. 8 closing share price of C$0.11.
SARL MF bought 8 million units for C$800,000, and Decochib Inc. bought 6 million units for C$600,000.
Proceeds will be used for working capital and reopening of the Sleeping Giant Mill.
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: | Units of one common share and one half-share warrant
|
| Amount: | C$2,381,000
|
| Units: | 23.81 million
|
| Price: | C$0.10
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | One year
|
| Warrant strike price: | C$0.13
|
| Agent: | Non-brokered
|
| Investors: | SARL MF (for C$800,000) and Decochib Inc. (for C$600,000)
|
| Settlement date: | Aug. 9
|
| Stock symbol: | TSX Venture: ABI
|
| Stock price: | C$0.11 at close Aug. 8
|
| Market capitalization: | C$27.61 million
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