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

Welcome to the Precious Metals Bug Forums

Welcome to the PMBug forums - a watering hole for folks interested in gold, silver, precious metals, sound money, investing, market and economic news, central bank monetary policies, politics and more. You can visit the forum page to see the list of forum nodes (categories/rooms) for topics.

Please have a look around and if you like what you see, please consider registering an account and joining the discussions. When you register an account and log in, you may enjoy additional benefits including no ads, market data/charts, access to trade/barter with the community and much more. Registering an account is free - you have nothing to lose!

marktheminer

Fly on the Wall
Messages
11
Reaction score
0
Points
1
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.
 
Back
Top Bottom