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Abcourt Establishes Surety Facility Resulting in Balance Sheet Improvement
V.ABI |
ROUYN-NORANDA, Quebec, Nov. 27, 2023 (GLOBE NEWSWIRE) --
Abcourt Mines Inc. (“Abcourt” or the “Corporation”) (TSX Venture: ABI) is pleased to announce that in collaboration with
Purves Redmond Limited and a Canadian Insurance Company, the establishment of a Surety Facility(“Facility”)
with respect to its Sleeping Giant and Elder environmental bonds totaling C$5,867,786.
The Facility requires the Company to provide a Letter of Credit secured by cash collateral of C$2,933,893 and pay an annual fee.
The Facility allows Abcourt to withdraw funds of C$5.9 million from the Ministry of Natural Resources and results
in a net improvement to Abcourt’s cash position of C$2,9M.
This additional financial flexibility will be beneficial in the short term while Abcourt begins to sell gold to the market
from the processing of mineralized materials from Pershing-Manitou deposit in the Sleeping Giant mill.
ABOUT ABCOURT MINES INC.
Abcourt Mines Inc. is a Canadian gold exploration company with properties strategically located in northwestern Quebec, Canada. Abcourt 100% owns the Sleeping Giant mill and mine where it concentrates its activities. The Sleeping Giant mine has a mining lease, as well as environmental certificates of authorization to extract up to 750 tonnes per day from its underground mine.
For further information, please visit our website at www.abcourt.ca and consult our filings under Abcourt's profile on www.sedarplus.ca, or contact:
Pascal Hamelin
President and CEO
T: (819) 768-2857
E: phamelin@abcourt.com Dany Cenac Robert, Investor Relations
Reseau ProMarket Inc.,
T: (514) 722-2276, post 456
E: dany.cenac-robert@reseaupromarket.com
Cautionary Statement on Forward-Looking Information
This news release contains “forward-looking information” within the meaning of applicable Canadian securities legislation based ---- The Corporation disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
https://abcourt.ca/wp-content/uploads/2023/06/Abcourt-Investor-Presentation-2023-06-v0.pdf
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