Abcourt Closes First Tranche of Private Placement
MONT ST-HILAIRE, CANADA -- (Marketwire) -- 06/11/12 -- ABCOURT MINES INC. ("Abcourt" or the "Company") (TSX VENTURE: ABI) is pleased to announce that it has closed the first tranche of a private placement with Industrial Alliance Securities Inc. (the "Agent"), which consisted of an aggregate amount of CDN $1,050,000. This is the first closing of a maximum offering of $1,500,000 in flow-through financing and of a maximum of $1,500,000 in equity financing (the "Offering"). The gross proceeds from this first Closing represent the sale of 8,750,000 units of Abcourt issued on a flow-through basis (the "Flow-Through Units") sold at a price of $0.12 per Flow-Through Unit, where each Flow-Through Unit is comprised of one flow-through Common Share and one-half (1/2) of one Warrant. Each full Warrant entitles its holder to purchase one additional Common Share at a price of $0.20 for a period of twelve (12) months from the Closing Date.
The Agent received: (i) a cash commission of 6.5% of the aggregate gross proceeds received from the sale of the Flow-through Units; and (ii) non-transferable compensation options to acquire such number of Common Shares equal to 6.5% of the aggregate number of Flow-through Units sold under the Offering, exercisable in whole or in part at the price of the Flow-Through Units for a period of 12 months from the Closing Date.
The Company will use the net proceeds of the Flow-Through Shares to incur exploration expenditures on the Company's properties located in Quebec.
The securities issued pursuant to this Offering are subject to a hold period of four months and a day from the Closing Date, expiring on October 9, 2012. This Offering is subject to the final approval of the TSX Venture Exchange.
This Press Release, required by applicable laws, is not for distribution to U.S. News Services or for dissemination in the United States and does not constitute an offer of the securities described herein. These securities have not been registered under the United States Securities Act of 1933, as amended, or any state securities laws, and may not be offered or sold in the United States or to U.S. Persons unless registered or exempt therefrom.
This press release was prepared by Abcourt Mines Inc. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
About Abcourt Mines Inc.
Abcourt Mines Inc. is an exploration and development company with strategically located properties in Northwestern Quebec, Canada. The Elder mine with 43-101 gold resources, the Abcourt-Barvue project with 43-101 silver-zinc ore reserves and resources and the Aldermac property with historical copper-zinc resources are all former producers. Abcourt is now focused on bringing the Elder and Abcourt-Barvue projects back in production with Elder as the first priority. At the same time, it is working on other projects (Aldermac, Vezza, Jonpol and Vendome), to increase its mineral resources inventory. An updated 43-101 resource calculation was completed in May 2012 for the Elder mine. A positive 43-101 feasibility study was completed by GENIVAR in 2007 on the Abcourt-Barvue project. In addition, mill equipment was purchased. To know more about Abcourt, please consult our web site www.abcourt.com and SEDAR at www.sedar.com under "Abcourt Mines Inc".
FORWARD-LOOKING STATEMENTS: Certain of the information contained in this news release may contain "forward-looking information". Forward-looking information and statements may include, among others, statements regarding the future plans, costs, objectives or performance of Abcourt Mines Inc. (the "Company"), or the assumptions underlying any of the foregoing. In this news release, words such as "may", "would", "could", "will", "likely", "believe", "expect", "anticipate", "intend", "plan", "estimate" and similar words and the negative form thereof are used to identify forward-looking statements. Forward-looking statements should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether, or the times at or by which, such future performance will be achieved. Forward-looking statements and information are based on information available at the time and/or management's good-faith belief with respect to future events and are subject to known or unknown risks, uncertainties, assumptions and other unpredictable factors, many of which are beyond the Company's control. These risks, uncertainties and assumptions include, but are not limited to, those described under "Risk Factors" in the Company's annual information form dated May 11, 2012 and could cause actual events or results to differ materially from those projected in any forward-looking statements. The Company does not intend, nor does the Company undertake any obligation, to update or revise any forward-looking information or statements contained in this news release to reflect subsequent information, events or circumstances or otherwise, except if required by applicable laws.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts:
Renaud Hinse
President and Chief Executive Officer
819 768-2857 or 450 446-5511
819 768-5475 or 450 446-3550 (FAX)
rhinse@abcourt.com