GSKKF - Abitibi Metals Announces the Upsize of its Previously Announced Private Placement to $4 Million; Financing Fully Allocated
(TheNewswire)
December 5, 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 4, 2023 (the " Offering ") has been upsized andis fully allocated. The Offering will now consist of up to 13,333,333common shares of the Company at a price of C$0.30 per share for up tototal gross proceeds of up to C$4,000,000.
The net proceeds of the Offering will be used to increase the size ofits upcoming drill program at the high-grade B26 Polymetallic CopperDeposit and the Beschefer Gold Project, both situated just 7kilometers apart within the mineral-rich Abitibi Greenstone Belt, andfor general and administration expenses including potential awarenessinitiatives.
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. Withapproximately 45% insider ownership and a market cap under $25M, theCompany is tightly structured for potential positive developments.
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 and contingencies can affect actual resultsand could cause actual results to differ materially from thoseexpressed in any forward-looking statements made by or on theCompany’s behalf. Although Abitibi has attempted to identifyimportant factors that could cause actual actions, events or resultsto differ materially from those described in forward-lookinginformation, there may be other factors that cause actions, events orresults to differ from those anticipated, estimated or intended. Allfactors should be considered carefully, and readers should not placeundue reliance on Abitibi’s forward-looking information. Generally,forward-looking information can be identified by the use offorward-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.
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