Abcourt Mines Plans Up to $4.5 Million Private Placement
Abcourt Mines Inc. announced on Tuesday a plan for a non-brokered private placement aiming to raise up to $4.5 million. The proceeds are intended to advance exploration and development activities at the company's Sleeping Giant Gold Project in Quebec.
Abcourt Mines Inc. announced on July 16 that it is initiating a non-brokered private placement to raise up to $4.5 million.
The company plans to issue up to 112,500,000 units at a price of $0.04 per unit. Each unit will consist of one common share and one common share purchase warrant, with the warrant allowing the holder to purchase an additional share for $0.06 within 36 months of the closing date.
The company intends to use the net proceeds to fund exploration and development activities at its Sleeping Giant Gold Project, located in Quebec's Abitibi Greenstone belt. The private placement is expected to close on or about July 22 and is subject to approval from the TSX Venture Exchange.
All securities issued will be subject to a statutory hold period of four months and one day. Abcourt Mines focuses its operations on the Sleeping Giant mill and mine in northwestern Quebec.