Abcourt Closes a Second Tranche of the Private Placement of Units Previously Announced, for an Amount of $915,500

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ROUYN-NORANDA, Quebec, April 23, 2024 (GLOBE NEWSWIRE) -- Abcourt Mines Inc. (“Abcourt” or the “Corporation”) (TSX Venture: ABI) announces that it has completed a second closing of the non-brokered private placement announced on March 12, 2024, for additional gross proceeds of $915,500, representing 18,310,000 units of the Corporation (the “Units”), at a price of $0.05 per Unit (the "Offering"). Each Unit consists of one common share of the Corporation (a “Common Share”) and one common share purchase warrant (a “Warrant”). Each Warrant entitles the holder thereof to purchase one Common Share at a price of $0.06 for a period of 36 months following the closing date of the Offering.

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.

Abcourt issued a total of 47,034,688 Units for gross proceeds of $2,351,734 under the first and second tranches of the non-brokered private placement announced on March 12, 2024. A final closing is expected to take place on May 1, 2024, whereby associates and affiliates of François Mestrallet, a director of the Corporation, intend to purchase 7,648,312 additional Units, subject to receiving disinterested shareholders approval for the creation of a Control Person (as such term is defined under the policies of the TSX Venture Exchange). An amount of $382,415 representing the subscription price of these 7,648,312 additional Units was transferred to the Corporation to be held in escrow pending shareholder approval and closing of the final tranche of the private placement.

Approval for the creation of a new Control Person will be sought at a special meeting of the shareholders of the Corporation to be held on April 30, 2024. Please refer to the Corporation’s management information circular dated March 22, 2024 for further details.

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 securities offered 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.