GSKKF - Abitibi Metals Closes $4.377M Non-Brokered Private Placement with Strategic Investors
(TheNewswire)
December 18, 2023 - TheNewswire - London, Ontario – Abitibi Metals Corp. (CSE:AMQ) (OTC:AMQFF) (FSE:4KG)( “ Abitibi ” or the “ Company ” ), is pleasedto announce that, further to its news releases on December 4 and 5,2023, the Company has closed its non-brokered private placement of$4,377,850 through the issuance of 14,592,834 common shares at a priceof $0.30 per share (the " Offering ") with lead orders from Frank Giustra, Greg Chamandy and other strategic investors .
Greg Chamandy commented "I am thrilled tobe a strategic investor in Abitibi Metals and help Jon develop theseassets in the renowned Abitibi Greenstone Belt. Building thehigh-grade B26 deposit and the Beschefer Projects will be exciting aswe work to deliver the next generation of gold and copper assets inQuebec. Jon's leadership has positioned the company to carry out itsexploration plan in 2024 confidently. It is early days, but I believethe growth potential here is exceptional. I am very excited tosupport a young mining entrepreneur of Jon's calibre as he buildsAbitibi into the next major Canadian metals exploration company.“
Jonathon Deluce, CEO of Abitibi commented “I amincredibly proud to welcome Greg Chamandy and Frank Giustra asstrategic investors in Abitibi Metals. These distinguishedentrepreneurs have contributed immense value to several exceptionalmining companies during their careers. We are also delighted towelcome our other strategic investors and thank everyone for theirsupport. The Company is now well positioned to carry out its 2024exploration program, aimed at growth and discovery at the high-gradeB26 Polymetallic Copper Project and the Beschefer Gold Project.”
Mr. Deluce continued: "We are excited to be thefirst public company to initiate a drill program on the B26Polymetallic Copper Deposit since its discovery in 1997, where over115,311 meters have already been drilled. We will provide an updateover the coming weeks to outline our phase one drill program, which weplan to commence in January.”
The Company intends to use the net proceeds of theOffering to conduct exploration on the Company’s mineral propertiesand for general and administration expenses.
A finder’s fee of $9,450 cash and 31,500 finder’swarrants (the “ Finder’sWarrants ”) was paid to one registrant inconnection with the private placement. The Finder’s Warrants areexercisable at $0.30 per Share for a period of two years from theclosing date of the Offering.
All securities issued are subject to a four-month andone-day hold period pursuant to securities laws in Canada, expiring onApril 16, 2024.
About Abitibi Metals Corp.:
Abitibi Metals Corp. is a Quebec-focused mineralacquisition and exploration company focused on the development ofquality base and precious metal properties that are drill-ready withhigh-upside and expansion 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 , orvisit https://www.abitibimetals.com .
The Company also maintains an active presence onvarious social media platforms to keep stakeholders and the generalpublic informed and encourages shareholders and interested parties tofollow and engage with the Company through the following channels tostay updated with the latest news, industry insights, and corporateannouncements:
Twitter: https://twitter.com/AbitibiMetals
LinkedIn: https://www.linkedin.com/company/abitibi-metals-corp-amq-c/
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 ofapplicable securities laws. Forward-looking information involvesstatements that are not based on historical information but ratherrelate to future operations, strategies, financing plans, financialresults or other developments on the B26 Project or otherwise.Forward-looking information is necessarily based upon estimates andassumptions, which are inherently subject to significant business,economic and competitive uncertainties and contingencies, many ofwhich are beyond the Company ’ s control and many ofwhich, regarding future business decisions, are subject to change.These uncertainties and contingencies can affect actual results andcould cause actual results to differ materially from those expressedin any forward-looking statements made by or on theCompany ’ s behalf. Although Abitibi has attemptedto identify important factors that could cause actual actions, eventsor results to differ materially from those described inforward-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-looking information. Generally, forward-lookinginformation can be identified by the use of forward-lookingterminology such as “ expects, ” “ estimates, ” “ anticipates, ” or variations of such words and phrases (including negative andgrammatical variations) or statements that certain actions, events orresults “ 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.
The securities referred to in this news release havenot been, nor will they be, registered under the United StatesSecurities Act of 1933, as amended, and may not be offered or soldwithin the United States or to, or for the account or benefit of, U.S.persons absent U.S. registration or an applicable exemption from theU.S. registration requirements.
This news release does not constitute an offer for saleof securities for sale, nor a solicitation for offers to buy anysecurities. Any public offering of securities in the United Statesmust be made by means of a prospectus containing detailed informationabout the company and management, as well as financialstatements.
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