Abcourt Mines Inc.: First Closing of a Non-Brokered Private Placement Without Flow-Through Shares: Financial News

Abcourt Mines Inc.: First Closing of a Non-Brokered Private Placement Without Flow-Through Shares
Thursday August 21, 2008 12:13 pm ET

MONT-ST-HILAIRE, QUEBEC--(MARKET WIRE)--Aug 21, 2008 -- Mr. Renaud Hinse, president and C.E.O. of Abcourt Mines Inc. (CDNX:ABI.V - News), is pleased to announce that a first closing was made on a non-brokered private placement with a maximum of 2,272,727 shares at a price of $0.22 par share accompanied by a maximum of 2,272,727 warrants to subscribe 2,272,727 shares at $0.26 per share over a period of 24 months. This placement is for non-flow-through shares and so far, subscriptions have been received for 1,100,000 shares at $0.22 per share representing an amount of $242,000. The final closing will be made on September 15 at the latest. An intermediation fee of 7% cash and 6% warrants on certain subscriptions was paid.

Securities that will be issued pursuant to this private placement must not trade before December 20, 2008.

The net proceeds from this private placement will be used for working capital and expenses that do not qualify for flow-through shares.

Abcourt Mines Inc. is an exploration and development company with strategically located properties in Northwestern Quebec, Canada. The Abcourt-Barvue project with 43-101 silver-zinc ore reserves and resources and the Elder mine with 43-101 gold resources are both past producers. Abcourt is now focused on bringing these two projects back in production and at the same time, it is working on other projects (Aldermac, Jonpol and Vendome), to increase its mineral resources inventory. A positive 43-101 feasibility study was recently completed on the Abcourt-Barvue project. In addition, mill equipment has been purchased. For additional information, see our Press Releases dated February 16, 2007, August 9, 2007, February 1st, February 7, March 12 and May 28, 2008. To know more about Abcourt, please consult our web site www.abcourt.com and Sedar www.sedar.com, see "Abcourt Mines Inc".

The Abcourt shares are trading on the TSX Venture Stock Exchange under the symbol ABI.V and at Frankfurt and Berlin in Germany.

FORWARD-LOOKING STATEMENTS: Except for statements of historical facts, all statements in this news release, including, without limitation, statements regarding forecasts, plans and objectives of Abcourt Mines Inc., are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate; actual results and future events could differ materially from those anticipated in such statements

This press release was prepared by Mr Renaud Hinse, a qualified person, president of Abcourt Mines Inc.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.