By Laura Lutz
Des Moines, Aug. 1 - Abcourt Mines Inc. canceled a C$400,000 portion of its previously announced private placement of units and flow-through shares, decreasing the total deal size to C$3.02 million.
The company still plans to sell 4 million units at C$0.50 each and up to 1.7 million flow-through shares at C$0.60 each.
The company no longer plans to sell 800,000 flow-through shares to insiders at C$0.50 per share.
The units each consist of one class B share and one class B warrant with each warrant exercisable at C$0.65 for 18 months.
Integral Wealth Securities Ltd. will act as agent for the units and the non-insider shares.
Proceeds will be used for exploration, metallurgical tests and working capital.
Abcourt is an exploration and development company based in Mont-St-Hilare, Quebec.
| Issuer: | Abcourt Mines Inc.
|
| Issue: | Units of one share and one warrant; flow-through shares
|
| Amount: | C$3.02 million
|
| Agent: | Integral Wealth Securities Ltd. (for units and up to 1.7 million flow-through shares)
|
| Pricing date: | July 24
|
| Downsized: | Aug. 1
|
| Stock symbol: | TSX Venture: ABI
|
| Stock price: | C$0.49 at close July 25
|
| Stock price: | C$0.46 at close Aug. 1
|
|
|
| Units
|
| Units: | 4 million
|
| Price: | C$0.50
|
| Warrants: | One per unit
|
| Warrant expiration: | 18 months
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| Warrant strike price: | C$0.65
|
|
|
| Flow-through shares
|
| Shares: | 1.7 million
|
| Price: | C$0.60
|
| Warrants: | No
|
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