Abcourt Closes $4.6 M Non-Brokered Private Placement

Core Viewpoint - Abcourt Mines Inc. has successfully closed an additional tranche of its non-brokered private placement, raising a total of $9,281,044 to support the restart of the Sleeping Giant mine and for general corporate purposes [1][4]. Group 1: Private Placement Details - The recent tranche raised gross proceeds of $4,613,004, contributing to a total of $9,281,044 raised through private placements [1]. - The private placement consists of units priced at $0.05 each, with each unit comprising one common share and one warrant [2][9]. - Each warrant allows the holder to purchase one common share at a price of $0.08 for a period of 36 months following the closing date [2]. Group 2: Use of Proceeds - The net proceeds from the private placement will be utilized to restart the Sleeping Giant mine and mill, along with working capital and general corporate purposes [4]. Group 3: Related Party Transactions - The private placement involved related party transactions, with insiders purchasing a total of 20,000,000 units [5][11]. - The Corporation relied on exemptions from formal valuation and minority shareholder approval requirements due to the transaction's value being below 25% of the Corporation's market capitalization [5]. Group 4: Securities and Regulatory Compliance - All securities issued in connection with the private placement are subject to a restricted period of four months plus one day from the issuance date [6]. - The private placement remains subject to final approval from the TSX Venture Exchange [10].