Abcourt Mines Inc.

Abcourt Mines Inc.

December 23, 2009 20:06 ET

Abcourt Mines Inc.: Closing of a $2.1m Private Placement

MONT-ST-HILAIRE, QUEBEC, CANADA--(Marketwire - Dec. 23, 2009) -

Mr Renaud Hinse, president and C.E.O. of Abcourt Mines Inc., (TSX VENTURE:ABI)(BERLIN:ABI)(FRANKFURT:ABI) is pleased to announce the closing of a $2.1 million Private Placement (the Offering) on December 23, 2009. The Company received subscriptions for 3,929,962 Units at a price of $0.13 each and 9,355,451 Flow-Through Units at a price of $0.17 each. Each unit consists of a Class B share of the Company (Common Share) and one warrant. Each warrant entitles its holder to purchase one additional Common Share at an exercise price of $0.17 per share on or before December 23, 2011. Each Flow-Through Unit consists of a flow-through Common Share and half a warrant. Each whole warrant entitles its holder to purchase one Common Share of the Company at a price of $0.19 per share on or before December 23, 2011.

The Private Placement was completed through Northern Securities Inc., (the "Agent"). The Agent received a cash commission of 7% of the gross proceeds of the Offering as well as broker warrants allowing its holder to purchase a number of Units equal to 8% of total number of Units sold pursuant to the Offering (the "Broker Warrants"). Each Broker Warrant entitles its holder to purchase one Unit at a price of $0.13 each at the latest on December 23, 2011.

The securities issued are subject to resale restrictions, in accordance with applicable securities legislation, until April 24, 2010. This offering is conditional upon the final approval of the TSX Venture Exchange.

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

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 and Sedar, 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 of the Elder and Tagami properties is also shown on our web site.

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.

Contact Information

  • Renaud Hinse, president
    819-768-2857 or 450-446-5511
    819-768-5475 or 450-446-3550 (FAX)