Abcourt Mines (TSX-V:ABI) has closed a US$10 million ($13.95 million) increase to its senior secured debenture with Glencore (LSE:GLEN).
The company upsized the facility from US$30 million to US$40 million, increasing the second tranche from US$11.9 million to US$21.9 million.
Abcourt received an initial US$19.9 million installment on closing, with the remaining US$2 million to be advanced in October 2026. The first tranche of US$18.1 million was received in January 2026.
Net proceeds were partially used to repay a US$12 million secured credit facility with Nebari Natural Resources Credit Fund II. Abcourt says remaining funds will support exploration and capex at the Sleeping Giant and Flordin projects, as well as working capital.
The upsized debenture matures on 31 January 2031 and bears interest at one-month secured overnight financing rate (SOFR) plus 2.5% per annum. Glencore holds first-ranking security over Abcourt’s movable and immovable property, including real property interests, mining rights, inventory, and equipment.
As part of the transaction, Abcourt issued 46.9 million non-transferable warrants to Glencore exercisable at C$0.12 ($0.12) per share until 30 April 2030. The warrants remain subject to TSX Venture Exchange approval and carry a statutory hold period expiring 3 January 2027.
Located between Amos and Matagami in Abitibi, Sleeping Giant comprises 69 mining claims covering an area of approximately 458 hectares.
Meanwhile, Flordin sits roughly 25 km to the north of Lebel-sur-Quévillon, Québec. It currently holds 134,700 ounces of measured and indicated resources in 1.76 million tonnes at an average grade of 2.38 grams per tonne gold (Au); and 59,700 ounces of inferred resources in 575,000 tonnes at an average grade of 3.23 g/t Au.
Abcourt Mines is a Canadian gold developer focused on its Sleeping Giant and Flordin properties in northwestern Québec, Canada.
Write to Paula Fabe at Mining.com.au
Images: Abcourt Mines
