Abcourt Announces the Closing of a Non-Brokered Private Placement
MONT-ST-HILAIRE, QUEBEC, CANADA -- (Marketwire) -- 12/22/11 -- Mr. Renaud Hinse, President and C.E.O. of Abcourt Mines Inc. (TSX VENTURE: ABI)(FRANKFURT: ABI)(BERLIN: ABI) (the 'Company'), announces the closing of a $207,000 private placement (the 'Placement'). The Placement consists of i) 265 Units at a price of $100 per Unit, each Unit being comprised of one thousand Class B shares of the Corporation ('Common Shares') and of one thousand Common Share Purchase Warrants at an exercise price of $0.15 per share, valid for a twelve-month period; and ii) 1,805,000 Common Shares issued on a flow-through basis at a price of $0.10 per Flow-Through Share. Insiders have contributed 40% of the Placement.
The securities issued under the Placement are subject to a four-month hold period, which will end April 22, 2012. The Placement is subject to the approval of the TSX Venture.
About Abcourt Mines Inc.
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 into production with Elder as the first priority. At the same time the company is working on other projects (Aldermac, Jonpol and Vendome) to increase its mineral resources inventory. A 43-101 resource calculation was completed in July, 2009, for the Elder Mine. A positive 43-101 feasibility study was completed by GENIVAR in 2007 on the Abcourt-Barvue Project. In addition, mill equipment was purchased. To know more about Abcourt, please visit our web site at www.abcourt.com and SEDAR.
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.
Contacts:
Abcourt Mines Inc.
Renaud Hinse
President and Chief Executive Officer
819 768-2857
819 768-5475 (FAX)
rhinse@abcourt.com
www.abcourt.com