Abcourt Mines Inc.
TSX VENTURE : ABI
BERLIN : AML
FRANKFURT : AML

Abcourt Mines Inc.

August 22, 2013 15:52 ET

Abcourt Announces the Closing of a Non-Brokered Private Placement for New Issue of Common and Flow-Through Shares

MONT-ST-HILAIRE, QUÉBEC--(Marketwired - Aug. 22, 2013) -

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Mr. Renaud Hinse, President and Chief Executive Officer of Abcourt Mines Inc. (TSX VENTURE:ABI)(BERLIN:AML)(FRANKFURT:AML) (the "Company") announced today that the Company closed a first tranche of a non-brokered private placement of up to $700,000 in units and up to $500,000 in flow-through shares, on the following terms.

Pursuant to this first closing, the Company issued 719 units for an amount of $503,300 and 2,916,647 flow-through shares for an amount of $247,915. Each unit is comprised of one Class B share (a "common share") of the Company (the "Units") at a price of $0.07 per Unit and each Class B share to be issued as "flow-through" share (the "Flow-Through Shares") are offered at a price of $0.085 per Flow-Through Share. Each Unit consists of one common share and one half common share purchase warrant of the Company. Each full warrant will entitle the holder thereof to purchase one common share of the Company over a period of 12 months from the date of closing at a price of $0.10.

The proceeds from the Flow-Through Shares will be used by the Company primarily to further advance the Elder Gold Mine project in the Abitibi region in the Province of Québec and the proceeds from the Units will be allocated to working capital.

This private placement is expected to close on or before September 4, 2013.

The placement is subject to customary conditions and the final approval of the TSX Venture Exchange. The securities issued and sold will be subject to a four month hold period under applicable securities legislation.

This press release does not constitute an offer to sell, or a solicitation of an offer to buy, any securities of the Company and shall not constitute an offer, solicitation or sale in any jurisdiction in which such an offer, solicitation, or sale would be unlawful.

The Common Shares and Flow-Through Shares have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws of the United States and, subject to certain exceptions and in compliance with the registration requirements of the U.S. Securities Act and applicable state securities laws or pursuant to exemptions therefrom, may not be offered, sold or delivered, directly or indirectly, within the United States or to, or for the account or benefit of, "U.S. persons" (as defined in Regulation D under the U.S. Securities Act) ("U.S. Persons"). This press release does not constitute an offer to sell or a solicitation to buy any of the securities offered hereby within the United States or to U.S. Persons.

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, Vezza, Jonpol and Vendome) to increase its mineral resources inventory. A 43-101 resource calculation was completed in July, 2012, for the Elder Mine. A positive PEA report was prepared on Elder mine in the Fall of 2012 by Roche Limited, Consulting Group. 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.

Contact Information

  • Renaud Hinse
    President and CEO
    819 768-2857 or 450 446-5511
    819 768-5475 or 450 446-3550 (FAX)
    rhinse@abcourt.com