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Abcourt Mines Inc. Announces a Brokered Private Placement Totalling $2 Million

^{Published on 2009-12-02 07:20:54 - Market Wire}
 

MONT-ST-HILAIRE, QUEBEC, CANADA--(Marketwire - Dec. 2, 2009) - Mr. Renaud Hinse, president and C.E.O. of Abcourt Mines Inc. (TSX VENTURE:ABI)(BERLIN:ABI)(FRANKFURT:ABI), is pleased to announce a brokered private placement, as described below, for a total amount of up to CDN $2,000,000.

Brokered Private Placement

The Company has signed a letter of agreement with Northern Securities inc., as Agent, pursuant to which the Agent will, on a best efforts basis, lead an offering of $2 million through an issue of non Flow-Through Units (the Units) of the Company and Flow-Through Units. This offering is comprised of 7.1M Units (the Units) at a price of $0.13 per Unit and of 5.9M Flow-Through Units at a price of $0.17 per Flow-Through Units. Each "Unit" is comprised of one Class B (common share) and one common share purchase warrant, which allows the subscriber to purchase one common share of the Company at a price of $0.17 and is valid for a period of 24 months from the date of the closing. Each Flow-Through Units is comprised of one flow-through share and one half common share purchase warrant, one whole warrant being required to purchase one common share of the Company at a price of $0.19 and is valid for a period of 24 months from the date of closing.

The net proceeds from this placement will be used for exploration work on the Company's mining properties and for general corporate purposes.

Northern Securities Inc. will receive a commission of 7% in cash based on all the "Units" and Flow-Through Units sold. In addition, the Agent will receive broker warrants equal to 8% of the Units sold pursuant to this offering. Each broker warrant will be exercisable into one Unit at any time prior to the date that is 24 months form the date of closing.

The securities issued pursuant to the private placement mentioned above will be subject to a hold period of four months from closing. This placement is subject to the conditional approval of the TSX Venture Exchange.

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. A small location plan of the Elder and Tagami properties is also 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

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.