Abcourt completes first closing of a private placement of common share units and flow-through share units for a total of $728,00

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Abcourt completes first closing of a private placement of common share units and flow-through share units for a total of $728,00

Rouyn-Noranda, Quebec, Canada, October 8, 2019 Abcourt Mines Inc. (TSX-V: ABI, Berlin: AML-BE and Frankfurt Stock Exchanges: AML-FF) (“Abcourt” or the “Corporation”) completed yesterday a first closing of a non-brokered private placement totalling $728,000 in common share units and flow-through share units. This represents the first closing of a private placement of a maximum of $1,000,000 in common share units and of $1,000,000 in flow-through share units (the “private placement”). Each common unit offered at a price of $1,000 per unit (a “Unit”) is comprised of 10,000 Class B shares of the Corporation (“common shares”) at a price of $0.10 per common share and of 5,000 common share purchase warrants, each warrant entitling its holder to purchase one common share at a price of $0.13 at any time prior to the date that is twelve (12) months from the closing date. Each flow-through unit offered at a price of $1,000 each (a “Flow-through Unit”) is comprised of 8,000 common shares of the Corporation to be issued on a flow-through basis at a price of $0.125 per flow-through share and of 4,000 common share purchase warrants, each warrant entitling its holder to purchase one common share at a price of $0.16 at any time prior to the date that is twelve (12) months from the closing date;

The first closing of the private placement closed today consists in the sale of 2,590,000 common shares, 3,752,000 flow-through shares and 3,171,000 common share purchase warrants. This represents a total gross proceeds of $728,000, of which $469,000 shall be incurred by the Corporation in Canadian exploration expenditures (CEE) on exploration mining properties located in the Province of Québec.

Finder fees of $7,680 were paid and 40,960 non-transferable finder warrants were issued in relation to certain subscriptions through an arm-length intermediary, each warrant entitling the holder to purchase one common share at a price of $0.13 for a one-year period.

Certain related parties to Abcourt (the “Related Parties”) have participated in the private placement for a total amount of $122,000 (representing approximately 16% of this first tranche of the private placement):

Renaud Hinse, director and chief executive officer of Abcourt, has purchased 2 Units (representing 20,000 common shares and 10,000 warrants) and 35 Flow-through Units (representing 280,000 flow-through shares and 140,000 common share purchase warrants);

Decochib Inc., a private company controlled by Renaud Hinse, has subscribed 65 Flowthrough Units (representing 520,000 flow-through shares and 260,000 common share purchase warrants); and

Normand Hinse, director of Abcourt, has purchased 5 Units (representing 50,000 common shares and 25,000 warrants) and 15 Flow-through Units (representing 120,000 flow-through shares and 60,000 common share purchase warrants).

Check out the full article here.
 
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