Abcourt Completes Acquisition of Pershimex by Merger

VAL D'OR, Quebec, May 11, 2023 (GLOBE NEWSWIRE) -- Abcourt Mines Inc. (TSX-V: ABI) (“Abcourt” or the “Corporation”) and Pershimex Resources Corporation (TSX-V: PRO) (“Pershimex”) are pleased to announce that Abcourt has completed the previously announced acquisition of all of the issued and outstanding common shares of Pershimex (the “Pershimex Shares”) by way of a three-cornered amalgamation (the “Amalgamation”) under the Canada Business Corporations Act.

Pursuant to the Amalgamation, Abcourt acquired all of the issued and outstanding Pershimex Shares for a consideration (the “Exchange Ratio”) of 0.5712 of a common share of Abcourt (“Abcourt Shares”) for each outstanding Pershimex Share. Abcourt now owns 100% of the outstanding Pershimex Shares. On closing of the Amalgamation, Abcourt issued an aggregate of 79,294,373 Abcourt Shares to former Pershimex shareholders, who now hold approximately 18.5% of the 428,108,503 Abcourt Shares issued and outstanding, on an undiluted basis. Outstanding options and warrants to acquire Pershimex Shares have been adjusted as a result of the Amalgamation based on the Exchange Ratio and will be exercisable in the aggregate for 14,614,560 Abcourt Shares.

The delisting of the Pershimex Shares from the TSX-V is expected to occur at the close of business on or about May 18, 2023.

Full details of the Amalgamation and certain other matters are set out in the management information circular of Pershimex dated November 18, 2022 (the "Information Circular"). A copy of the Information Circular can be found under Pershimex’s profile on SEDAR at www.sedar.com or by contacting Abcourt at the number shown below.

Pershimex shareholders who have questions or who may need assistance with the completion of letters of transmittal are advised to contact Computershare Investor Services, the depository for the Amalgamation, Toll Free (North America) at 1-800-564-6253 or outside of North America at 1-514-982-7555, or by email at [e-mail].

About Abcourt Mines Inc.

Abcourt Mines Inc. is a gold producer and a Canadian exploration corporation with strategically located properties in northwestern Québec, Canada. Abcourt owns the Sleeping Giant mill and mine where it concentrates its activities.

For more information:

Pascal Hamelin President and CEO of Abcourt T: 819-768-2857 E: [e-mail]

Dany Cenac Robert Investor Relations, Reseau ProMarket Inc.