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up to 15,384,615 units of the Company (each, a “Unit”) at a price of
C$0.065 per Unit for gross proceeds of up toC$1,000,000 from the sale of Units; and
up to 15,625,000 flow-through units of the Company (each, a “FT Unit”, and collectively with the Units, the “Offered Securities”) at a price of
C$0.08 per FT Unit for gross proceeds of up toC$1,250,000 from the sale of FT Units.
Each Unit will consist of one class B common share of the Company (each a “Common Share”) and one Common Share purchase warrant (each, a “Warrant”). Each FT Unit will consist of one Common Share of the Company to be issued as a “flow-through share” within the meaning of the Income Tax Act (
A cash commission equal to 6.0% of the gross proceeds from the Offering and Warrants to acquire that number of Units which is equal to 6.0% of the number of
The net proceeds raised from the Offering will be used for the advancement of the Company’s projects and for working capital purposes. Proceeds from the sale of FT Shares will be used to incur "Canadian exploration expenses" as defined in subsection 66.1(6) of the Income Tax Act and "flow through mining expenditures" as defined in subsection 127(9) of the Income Tax Act ("Qualifying Expenditures"). Such proceeds will be renounced to the subscribers with an effective date not later than
The closing of the Offering is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the
This press release shall not constitute an offer to sell or the solicitation of an offer to buy the
UPDATE on the acquisition of Pershimex
On
UPDATE on Sleeping giant mine
The Company is progressing on the start of
First, a mineral resource update to include all the identified gold mineralization from the upper levels since the last resource update in 2019. The company gave the mandate to the independent consulting firm, Innov-Explo, based in Val-d’Or,
Secondly, the Company will seek permits to build a sleep camp facility near the mine site in order to lodge, and attract employees from the entire region of Abitibi to build and operate the mine. In the past, employees were commute by bus from the nearest city 80 km away. This former business model would not work in this current labour market. Currently, there is a small lodging facility to accommodate a small workforce to advance the engineering and geology works.
The Company is working with all his stakeholders to advance this project and will provide update to the investors as we advance it.
About
located properties in northwestern
mine where it concentrates its activities.
For more information about
and consult our filings under Abcourt's profile on www.sedar.com.
President and CEO T: (819) 768-2857 E: phamelin@abcourt.com | T: (514) 722-2276, post 456 E: dany.cenac-robert@reseaupromarket.com |
Cautionary Note Regarding Forward-Looking Statements
Certain information contained herein may constitute “forward-looking information” or “forward-looking statements” under Canadian securities legislation. Generally, forward-looking information can be identified by words such as "pro forma", "plans", "expects", "may", "should", "could", "will", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", "believes", or variations including negative variations thereof of such words and phrases that refer to certain actions, events or results that may, occur or be taken or achieved. Such forward-looking statements, including but not limited to statements relating to: the ability of the Parties to satisfy the conditions precedent to the Transaction; the anticipated closing, timing, benefits and effects of the Transaction; and expected development and operations, involve risks, uncertainties and other factors which may cause the actual results to be materially different from those expressed or implied by such forward-looking statements or forward-looking information. Such factors include, among others, the terms of the Amalgamation Agreement including the exercise of any termination rights, the inability of the Parties to satisfy or waive in a timely manner the conditions to the closing of the Transaction, the inability of the Corporation to realize the benefits of the Transaction, the risks related to the exploration, development and mining operations; the impacts of macroeconomic developments as well as the impact of the COVID-19 pandemic; and any material adverse effect on the business, properties and assets of the Corporation. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. The Corporation will not update any forward-looking statements or forward-looking information that are incorporated by reference herein, except as required by applicable securities laws.
The
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