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Mr. Renaud Hinse, President and Chief Executive Officer of Abcourt Mines Inc. (TSX VENTURE:ABI - News; BERLIN:ABI - News; FRANKFURT:ABI - News; the "Company")
is pleased to announce the closing of a $1.5 million Private Placement (the
"Offering") on December 30, 2010. The Company received
subscriptions for 2,515,787 units at a price of $0.135 each and 7,973,641
Flow-Through Units at a price of $0.145 each. Each unit consists of a class B
share of the Company (Common Share) and one warrant. Each warrant entitles
its holder to purchase one additional Common Share at an exercise price of
$0.175 for an initial period of 12 months from the date of closing (December
30, 2010) and $0.195 for a second period of 12 months from the end of the
initial period of 12 months.
Each Flow-Through unit consists of a
flow-through Common Share and half a warrant. Each whole warrant entitles its
holder to purchase one Common Share of the Company at a price of $0.25 for an
initial period of 12 months from the date of closing (December 30, 2010) and
$0.30 for a second period of 12 months from the end of the initial period of
12 months.
MineralFields Group provided $250,000 in hard cash
and $1,000,000 in Flow-Through funds in the Offering. It received the
following remuneration: 2.5% cash finder's fee was paid on the Flow-Through
portion ($1,000,000) and 6% cash finder's fee was paid on the hard dollar
portion ($250,000). There was also a 3.5% finder's fee paid in shares on the
Flow-Through portion (241,379 common shares) plus 517,241 (7.5%) 24-month
broker warrants exercisable at $0.145 for 24 months after the date of closing
on the Flow-Through portion and 138,888 (7.5%) 24-month broker warrants
exercisable at $0.135 for 24 months after the closing date of the hard dollar
portion.
"We are pleased to have received
this support from the MineralFields Group",
said Mr. Renaud Hinse,
President and CEO. "This will help advancing our projects and create
value for our shareholders. This is an important milestone in the growth of Abcourt Mines Inc. and we look forward to working with MineralFields Group as we develop our holdings in
Northwestern Quebec."
Insiders have also contributed 6.27% in
the Offering.
The securities issued are subject to
release restrictions, in accordance with applicable securities legislation,
until April 30, 2011. This offering is conditional upon the final approval of
the TSX Venture Exchange.
The net proceeds from this offering will
be used for exploration work on the Company mining properties and for general
corporate purposes.
About MineralFields
Group
MineralFileds Group (a division of Pathway Asset
Management), based in Toronto, Vancouver, Montreal and Calgary, is a mining
fund with significant assets under administration that offers its
tax-advantaged super flow-through limited partnerships to investors
throughout Canada as well as hard-dollar resource limited partnerships to
investors throughout the world. Pathway Asset Management also specializes in
the manufacturing and distribution of structured products and mutual funds
(including the Pathway Multi Series Fund Inc. corporate-class mutual fund
series). Information about MineralFields Group is
available at www.mineralfields.com.
First Canadian Securities® (a division of Limited Market Dealer Inc.) is
active in leading resource financings (both flow-through and hard dollar PIPE
financings) on competitive, effective and service-friendly terms, and offers
investment banking, mergers and acquisitions, and mining industry consulting,
services to resource companies. MineralFields and
Pathway have financed several hundred mining and oil and gas exploration
companies to date through First Canadian Securities®.
About Abcourt
Mines Inc.
The Company, 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 the main
focus currently being on the Elder project) and at the same time, it is
working on other projects (Aldermac, Jonpol and Vendome), to increase its mineral resources
inventory. A 43-101 resource calculation was recently done for the Elder
mine. A positive 43-101 feasibility study was completed 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 www.sedar.com
under "Abcourt Mines Inc". A small
location plan of the Elder and Tagami properties is
shown on our web site. A small location plan and longitudinal projection of
the Aldermac mineralized zones are also shown on
our web site.
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 amended and restated annual information form dated November 26,
2010 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.
This press release was prepared by Mr. Renaud Hinse, a qualified
person, president of 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.
Contact:
Renaud Hinse
Abcourt Mines Inc.
President and Chief Executive Officer
819-768-2857 / 450-446-5511
819-768-5475 / 450-446-3550 (FAX)
rhinse@abcourt.com |
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