GSKKF - Abitibi Metals Announces the Upsize of its Previously Announced Private Placement to $10 Million
(TheNewswire)
December 19, 2023 – TheNewswire - London, Ontario – AbitibiMetals Corp. (CSE:AMQ) (OTC:AMQFF) (FSE:4KG) ( “ Abitibi ”or the “ Company ”), is pleased to announce that, due to overwhelminginterest, the Company's non-brokered private placement previouslyannounced on December 19, 2023 (the " Offering ") has been upsized.The Offering will now consist of up to 14,404,761 common shares of theCompany that will be closed before December 29,2023.
The Offering consists of two parts, a) $9,500,000 of charityflow-through common shares (“CFT Shares”) priced at C$0.70/sharefor the issuance of 13,571,428 CFT Shares and b) $500,000 offlow-through common shares (“FT Shares”) priced at C$0.60/sharefor the issuance of 833,333 FT Shares. The FT Shares and CFT Shareswill qualify as “flow-through shares” (within the meaning ofsubsection 66(15) of the Income Tax Act (Canada) (the “Tax Act”).
The gross proceeds from the Flow-Through Offering and CharityFlow-Through Offering will be used to incur "Canadian explorationexpenses" that are "flow-through mining expenditures"(as such terms are defined in the Income Tax Act (Canada)) related tothe Company’s projects in Québec.
The securities issued in connection with the Offering are subject tothe Company’s filing requirements with the Canadian SecuritiesExchange, and all securities will be subject to a four-month statutoryhold period after closing. Finder's fees in cash or securities may bepaid on gross proceeds of the financing, as permitted by securitieslaws.
About Abitibi Metals Corp.:
Abitibi Metals Corp. is a Quebec-focused mineral acquisition andexploration company focused on the development of quality base andprecious metal properties that are drill-ready with high-upside andexpansion potential. Abitibi’s portfolio of strategic propertiesprovides target-rich diversification and includes the high-grade B26Polymetallic Copper Deposit (Ind: 7.0MT @ 2.94% Cu Eq & Inf: 4.4MT@ 2.97% Cu Eq) and the Beschefer Gold Project, where historicaldrilling has identified 4 historical intercepts with a metal factor ofover 100 g/t gold highlighted by 55.63 g/t gold over 5.57 metres and13.07 g/t gold over 8.75 metres amongst four modelled zones.
ON BEHALF OF THE BOARD
Jonathon Deluce, Chief Executive Officer
For more information, please call 226-271-5170, email info@abitibimetals.com , or visit https://www.abitibimetals.com .
The Company also maintains an active presence on various social mediaplatforms to keep stakeholders and the general public informed andencourages shareholders and interested parties to follow and engagewith the Company through the following channels to stay updated withthe latest news, industry insights, and corporate announcements:
Twitter: https://twitter.com/AbitibiMetals
LinkedIn:
Neither the Canadian SecuritiesExchange nor its Regulation Services Provider accepts responsibilityfor the adequacy or accuracy of this release.
Forward-looking statement:
This news release contains certainstatements, which may constitute “ forward-looking information” within the meaning of applicablesecurities laws. Forward-looking information involves statements thatare not based on historical information but rather relate to futureoperations, strategies, financing plans, financial results or otherdevelopments on the B26 Project or otherwise. Forward-lookinginformation is necessarily based upon estimates and assumptions, whichare inherently subject to significant business, economic andcompetitive uncertainties and contingencies, many of which are beyondthe Company’s control and many of which, regarding future businessdecisions, are subject to change. These uncertainties andcontingencies can affect actual results and could cause actual resultsto differ materially from those expressed in any forward-lookingstatements made by or on the Company’s behalf. Although Abitibi hasattempted to identify important factors that could cause actualactions, events or results to differ materially from those describedin forward-looking information, there may be other factors that causeactions, events or results to differ from those anticipated, estimatedor intended. All factors should be considered carefully, and readersshould not place undue reliance on Abitibi’s forward-lookinginformation. Generally, forward-looking information can be identifiedby the use of forward-looking terminology such as “ expects,” “estimates,” “anticipates,” or variations ofsuch words and phrases (including negative and grammatical variations)or statements that certain actions, events or results “ may,” “could,” “might” or “ occur. Mineral exploration and development are highly speculativeand are characterized by a number of significant inherent risks, whichmay result in the inability of the Company to successfully developcurrent or proposed projects for commercial, technical, political,regulatory or financial reasons, or if successfully developed, may notremain economically viable for their mine life owing to any of theforegoing reasons, among others. There is no assurance that theCompany will be successful in achieving commercial mineral productionand the likelihood of success must be considered in light of the stageof operations.
Copyright (c) 2023 TheNewswire - All rights reserved.