Abcourt Closes US$ 8M Loan Facility to Start Sleeping Giant Mine

Core Viewpoint - Abcourt Mines Inc. has successfully closed a secured financing facility of US$8 million with Nebari Natural Resources Credit Fund II, LP, aimed at advancing the Sleeping Giant Mine towards commercial production [1][2]. Financing Details - The financing facility is for a 36-month period and is structured as a non-dilutive capital investment, providing operational flexibility for the company [1][2]. - Interest on the principal amount will accrue at a floating rate based on the three-month term SOFR plus 12%, with a minimum interest rate of 4% if the SOFR is below that threshold [3]. - The company issued 87,040,000 non-transferable warrants to the lender, exercisable at $0.0625 per share until July 3, 2028, subject to adjustments if the principal amount is prepaid [5]. - An arrangement fee of US$120,000 was paid to the lender, along with a monthly administration fee of US$2,500 starting the month after the closing date [6]. Security Arrangements - The financing is secured by a first priority senior security on all of the corporation's movable and immovable property, including real property interests and mining rights [7]. Planned Developments - With the financing in place, the company plans to initiate significant activities at the Sleeping Giant Mine, including building a sleep camp and kitchen, working on tailing facilities, beginning production in the upper level of the mine, and developing lower levels to open new mining fronts [8][9].