Science & Technology
Science and Technology
Science and Technology
Mon, June 29, 2009
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Thu, June 25, 2009 Abcourt Mines Inc.: Abcourt Closes a Non-Brokered Private Placement of $397,000
ROUYN-NORANDA, QUEBEC--(Marketwire - June 25, 2009) - ABCOURT MINES INC. ("Abcourt" or the "Company") (TSX VENTURE:ABI) (BERLIN:ABI) (FRANKFURT:ABI) is pleased to announce the closing of a non-brokered private placement of $397,000, consisting of $331,000 in flow-through shares without warrants and $66,000 in common units. On this amount, MineralFields Group has subscribed for 2,500,000 flow-through shares at $0.10 each, representing $250,000.
Each common unit at a price of $0.10 per unit consists of one class B share (common) and one warrant, each warrant giving the right to buy one non-flow-through share at a price of $0.15 per share for a period of 24 months.
Each flow-through share subscribed will entitle the holder to both the 100% CEE deduction and 15% Federal Tax credit for grassroots exploration expenses.
With respect to the $250,000 investment by MineralFields Group Limited, Market Dealer Inc. obtained a finder's fee of 5% in cash and 5 % in common shares of the Company, representing 125,000 shares.
All of the securities issued pursuant to this offering will have a hold period expiring October 26, 2009.
The proceeds from this issue of $397,000 will be used for exploration work at the Company's properties located in the Province of Quebec and for general expenses.
"Abcourt is very pleased to continue the relationship with MineralFields Group", said Renaud Hinse, President and CEO. "We look forward to working again with MineralFields Group as we develop our holdings in the Abitibi region, Province of Quebec.
About MineralFields Group and First Canadian Securities®
MineralFields Group (a division of Pathway Asset Management), based in Toronto and Vancouver, 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 Funds Inc. corporate-class mutual fund series). Information about MineralFields Group is available at [ www.mineralfields.com ]. First Canadian Securities® 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.
Abcourt Mines Inc. is an exploration and development company with strategically located properties in Northwestern Quebec, Canada. The Abcourt-Barvue project with 43-101 silver-zinc ore reserves and resources and the Elder mine with 43-101 gold resources and the Aldermac property with historical copper-zinc resources are all former producers. Abcourt is now focused on bringing the Abcourt-Barvue and Elder projects back in production and at the same time, it is working on other projects (Aldermac, Jonpol and Vendome), to increase its mineral resources inventory. A positive 43-101 feasibility study was completed in 2007 on the Abcourt-Barvue project. In addition, mill equipment has been purchased. To know more about Abcourt, please consult our web site [ www.abcourt.com ] and Sedar [ www.sedar.com ], see "Abcourt Mines Inc". A small location plan and longitudinal projection of the Aldermac mineralized zones are shown on our web site.
The Abcourt shares are trading on the TSX Venture Stock Exchange under the symbol ABI.V and at Frankfurt and Berlin in Germany.
FORWARD-LOOKING STATEMENTS: Except for statements of historical facts, all statements in this news release, including, without limitation, statements regarding forecasts, plans and objectives of Abcourt Mines Inc., are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate; actual results and future events could differ materially from those anticipated in such statements
This press release was prepared by a qualified person, Mr Renaud Hinse, professional engineer and 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.
