Abcourt Mines (ABI-V) July 6, '16 announces that the Board of Directors of the Abcourt has granted stock options on a total of 7,500,000 Class B common shares of the Company, at an exercise price of $0.125, to directors and officers of the Company. These options were allocated for a five year period, pursuant to the Company's stock option plan. With these new options, the Company now has a total number of 8,300,000 stock options issued and outstanding. Abcourt has 240,053,719 Common Shares issued and outstanding.
The Company also announces its intent to proceed with a non-brokered private placement for a maximum amount of $3,500,000 (the "Private Placement"). Each Unit offered at a price of $0.10 each is comprised of one Common Share and of one-half (1/2) of a Common Share purchase warrant (a "Unit"). Each full warrant will entitle the holder thereof to purchase one Common Share of the Company at an exercise price of $0.13 over a period of 12 months from the date of closing. In relation with the Private Placement, non-transferable finders' warrants might be issued on some subscriptions from subscribers that are at arm's length with the Company, for a number equal to 7% of the Units sold. Each finder warrant will give the right to purchase one Unit at a price of $0.10 for a period of 12 months from the closing date of the Private Placement, each Unit being comprised of one Common Share and of one-half of one Common Share purchase warrant, a full warrant entitling the finder to purchase one additional Common Share of Abcourt at an exercise price of $0.13.
The proceeds from the subscriptions of Units will be used by the Company to increase its working capital and for expenses related to the start-up of the Sleeping Giant mill.
It is expected that directors and/or officers will subscribe for more than 25% of the Units offered in this Private Placement.
All of the securities of Abcourt issued under the Private Placement will be subject to a hold period of four months from the closing date. The Private Placement is subject to the approval of the TSX Venture.
About Abcourt Mines Inc.
Abcourt Mines Inc. is a gold producer and a Canadian exploration company with strategically located properties in northwestern Quebec, Canada. The Elder property has gold resources (2012) and a positive P.E.A. study. Abcourt is focusing on the exploitation of the Elder mine.
The Abcourt-Barvue property has silver-zinc resources (2012). A positive feasibility study was completed in 2007 by Roche / Genivar on the Abcourt-Barvue project.
Historical resources in copper, zinc, gold and silver are found on the Aldermac and Jonpol properties.
To know more about Abcourt Mines Inc. (TSXV: ABI), please visit our web site at www.abcourt.com and consult our filings under Abcourt's profile on www.sedar.com.
This press release was prepared by Mr. Renaud Hinse, Engineer and President of Abcourt Mines Inc.. Mr. Hinse is a "Qualified Person" under the terms of Regulation 43-101.
For more information, please contact:
Renaud Hinse, President and CEO
T: 819 768-2857 450 446-5511
F: 819 768-5475 450 446-3550
Email : rhinse@abcourt.com |
