Abcourt Announces Private Placement Extension and Results of the Special Meeting of Shareholders

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

ROUYN-NORANDA, Quebec, May 01, 2024 (GLOBE NEWSWIRE) -- Abcourt Mines Inc. (“Abcourt” or the “Corporation”) (TSX Venture: ABI) is pleased to extend its previously announced non-brokered private placement of up to 100,000,000 Units at a price of $0.05 per Unit for aggregate gross proceeds of up to $5,000,000 (the “Offering”). Each Unit consists of one common share of the Corporation (a “Share”) and one common share purchase warrant (a “Warrant”). Each Warrant entitles its holder to purchase one Common Share at a price of $0.06 for a period of 36 months.

To date, Abcourt issued a total of 54,683,000 Units for gross proceeds of $2,734,150 under the Offering. Abcourt expects to complete additional tranches of the Offering with a final closing to take place on or before May 28, 2024.

It is expected that the net proceeds from the Offering will be used to advance activities for development and exploration at the Sleeping Giant Gold Project in the Abitibi Greenstone belt of Quebec and for working capital and general corporate purposes.

All securities issued in connection with the Offering are subject to a restricted period ending on the date that is four months plus one day following the date of their issuance, in accordance with Canadian securities laws. The Offering is subject to final approval of the TSX Venture Exchange (the “TSXV”).

The securities offered under the Offering have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful.

Creation of Control Person

The Corporation is also pleased to report that a resolution allowing the creation of a new Control Person of the Corporation (as such term is defined in the policies of the TSXV) was approved by approximately 97% of the votes cast by disinterested shareholders of the Corporation at a special meeting of shareholders held on April 30, 2024 (the “Meeting”). A total of 144,601,684 Shares was voted at the Meeting, representing 29.23% of the total number of issued and outstanding Shares.