Abcourt Mines Raises Up to $3 Million for Sleeping Giant Project
Abcourt Mines announced plans to complete a non-brokered private placement to raise up to $3 million. The funds are intended to advance the Sleeping Giant Gold Project in Quebec and for general corporate purposes.
Abcourt Mines Inc. has announced plans to raise up to $3 million through a non-brokered private placement. The company intends to use the proceeds primarily to advance exploration and development activities at its Sleeping Giant Gold Project, located in Quebec's Abitibi Greenstone belt.
The offering will consist of up to 54,545,455 units, with each unit comprising one common share and one common share purchase warrant. Each warrant will allow the holder to purchase an additional common share at $0.10 for 36 months. The placement is expected to close on or around June 27, 2023, subject to regulatory approval from the TSX Venture Exchange.
In addition to project advancement, funds will also be allocated towards working capital and general corporate expenses. Abcourt Mines' operations are centered at the Sleeping Giant mine and mill in northwestern Quebec. The company anticipates that the financing will support progress in the project's exploration and development phases.