Abcourt Mines Inc.

Abcourt Mines Inc.

September 15, 2008 15:31 ET

Abcourt Mines Inc.: Final Closing of Two Non-Brokered Private Placements for a Total of $811,750

MONT-ST-HILAIRE, QUEBEC, CANADA--(Marketwire - Sept. 15, 2008) - Mr. Renaud Hinse, president and C.E.O. of Abcourt Mines Inc. (TSX VENTURE:ABI), is very pleased to announce that an amount of $811,750 has recently been raised in very difficult market conditions with two non-brokered private placements recently closed. A first closing of these placements was announced on August 21, 2008. The final closing was done on September 10, 2008. One of these placements without flow-through shares was sold in units of one (1) common share at a price of $0.22 per share and one (1) warrant to subscribe one (1) additional common share at $0.26 per share over a period of 24 months. One million, one hundred thousand (1,100,000) units were sold for a total of $242,000.

The other placement with variable amounts of flow-through shares was sold in units comprising one (1) common share at a price of $0.25 and one (1) warrant to buy one (1) common share at a price of $0.30 per share over a period of 24 months. In total, 459,300 common shares (non-flow-through) were sold for a total of $114,825 and 1,819,700 flow-through shares were sold for a total of $454,925. Overall, 3,379,000 shares and 3,379,000 warrants were issued for a total of $811,750.

Management has subscribed a total of 404,000 shares for an amount of $101,000. Intermediation fees of 7% in cash totalling $39,042.50 were paid to three intermediates on 2,345,000 subscribed units.

Securities that will be issued pursuant to this private placement must not trade before December 20, 2008 for the first closing and January 10, 2009 for the final closing.

The net proceeds from this private placement will be used for exploration projects on the Aldermac and Elder properties and for working capital.

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. In addition, mill equipment has been purchased. For additional information, see our Press Releases dated February 16, 2007, August 9, 2007, February 1st, February 7, March 12 and May 28, 2008. 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 / 450-446-5511
    819-768-5475 / 450-446-3550 (FAX)
    Abcourt Mines Inc.
    Joe O'Brien
    Investors' relations
    416-750-8051 (FAX)