Abcourt Closes a First Tranche of the Private Placement of Units Previously Announced, for an Amount of $1,436,234

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ROUYN-NORANDA, Quebec, March 26, 2024 (GLOBE NEWSWIRE) -- Abcourt Mines Inc. (“Abcourt” or the “Corporation”) (TSX Venture: ABI) announces that it has completed a first closing of the non-brokered private placement announced on March 12, 2024, for gross proceeds of $1,436,234, representing 28,724,688 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.

Abcourt paid finder’s fees in an amount of $500 and issued 10,000 finder warrants to Red Cloud Securities Inc., who assisted Abcourt by introducing a subscriber to the Corporation in connection with 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.

The Private Placement constitutes a “related party transaction” within the meaning of Multilateral Instrument 61–101 - Protection of Minority Security Holders in Special Transactions (“MI 61–101”) as a result of the purchase of 12,751,688 Units by associates and affiliates of François Mestrallet, a “related party” of the Corporation. The Corporation has relied on exemptions from the formal valuation and minority shareholder approval requirements of MI 61–101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61–101 in respect of the Private Placement as the fair market value (as determined under MI 61-101) of the insider participation in the Private Placement is below 25% of the Corporation 's market capitalization (as determined in accordance with MI 61-101).

Following the closing of this first tranche of the Offering, François Mestrallet holds, together with his associates and affiliates, 104,700,688 Common Shares, 45,251,688 warrants to purchase Common Shares and 1,500,000 options to purchase Common Shares or 19.99% of the 523,503,447 Common Shares currently issued and outstanding on a non-diluted basis (26,56% assuming the exercise of the convertible securities).