Abcourt Mines Inc.

Abcourt Mines Inc.

November 05, 2007 15:25 ET

$1.1 Million Private Placement Completed

MONT-ST-HILAIRE, QUEBEC--(Marketwire - Nov. 5, 2007) - Mr. Renaud Hinse, president and CEO of Abcourt Mines Inc. (TSX VENTURE:ABI), is pleased to announce that a private placement of $1.1 million is closed today.

1,772,116 Units have been subscribed for a total of $673,404. A Unit at a price of $0.38 each, consists of one class B non-flow-through share and one class B purchase warrant. Each warrant is exercisable into one Class B share at any time on or before November 5, 2009 at an exercise price of $0.50.

In addition, 1,053,800 flow-through class B shares were subscribed at $0.45 each, for a total of $474,210.

Finder's fee of 7% cash and 74,200 warrants, representing 7% of the number of Units subscribed, are payable on Units subscribed by certain purchasers. The warrants are valid for two years and may be exercised at $0.50 per class B share. Also, a 3% cash finder's fee is payable on certain flow-through share subscriptions.

Securities that will be issued pursuant to this private placement must not trade before March 5, 2008.

The net proceeds of the private placement will be used to conduct exploration programs on the Aldermac and Jonpol properties and to complete environmental studies on the Abcourt-Barvue project.

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 are both past producers. Abcourt is now focused on bringing these two 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 recently completed on the Abcourt-Barvue project. For additional information, see our Press Release dated August 9, 2007. To know more about Abcourt, please consult our web site and Sedar , see "Abcourt Mines Inc".

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 Mr Renaud Hinse, a qualified person, president of Abcourt Mines Inc. The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Abcourt Mines Inc.
    Renaud Hinse
    819-768-2857 or 450-446-5511
    819-768-5475 or 450-446-3550 (FAX)
    Abcourt Mines Inc.
    Joe O'Brien
    Investors' relations
    416-750-8051 (FAX)