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  4. Abcourt Mines announces acquisition of Pershimex Resources

Abcourt Mines announces acquisition of Pershimex Resources

Published by , Editorial Assistant
Global Mining Review,

Abcourt Mines Inc. and Pershimex Resources Corporation have announced that they have entered into a definitive amalgamation agreement on 18 November 2022, pursuant to which Abcourt has agreed to acquire all of the issued and outstanding common shares of Pershimex to create one of the largest property portfolios amongst gold explorers across major gold districts in Québec and massive diversified emerging gold producer and explorer in Québec. The transaction is being carried out by way of a three-cornered amalgamation under the Canada Business Corporations Act.

As part of the transaction, Abcourt intends to complete a share consolidation on the basis of seven for one common shares of Abcourt. The proposed consolidation will reduce the number of outstanding Abcourt shares from 348 814 130 to 49 830 590. In addition, Abcourt intends to change its name to “Infinitas Gold inc./Infinitas Or inc.” and its trading symbol to “IN”.

Pascal Hamelin, President and CEO of Abcourt, stated:

“We are very pleased to see the Board of Pershimex support the transaction. We have an opportunity to become a large land holder of gold properties, many gold exploration projects and an advanced development gold project with the Sleeping Giant Mine and Mill. These are the right ingredients to become a significant gold company in the Abitibi camp.”

Robert Gagnon, President and CEO of Pershimex stated:

“With this major Transaction to come, our company will move to another level, from a modest explorer we will soon become a gold producer established in Abitibi with two gold mines, an ore processing plant and one of the largest claim portfolios in Abitibi. The work done by our team to carry out such an undertaking is noteworthy, and we can be proud of it.”

Transaction highlights:

  • Infinitas will hold approximately 510 km2 of strategic landholdings in major gold districts in central Québec (3rd largest landholdings amongst gold explorers/developers in the regions surrounding Rouyn-Noranda, Amos, Val-d’Or and Label-sur-Quevillon in Québec). 
  • A diversified project portfolio in Québec that will best position Infinitas in what the company expect to be a strong gold price environment over the medium-term:
    • 2 underground gold mines that are currently on care-and-maintenance and awaiting restart following a revised mine plan (Sleeping Giant and Elder mines). 
    • An operating 750 tpd mill at the Sleeping Giant mine site.
    • 14 early-to-advanced stage gold exploration projects hosting many known deposits.
    • A feasibility stage zinc-silver project (Abcourt-Barvue) and a nearby satellite deposit (Vendome).

Read the article online at: https://www.globalminingreview.com/mining/23112022/abcourt-mines-announces-acquisition-of-pershimex-resources/

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