Abcourt Mines Inc. has closed its transaction with Glencore AG to increase the aggregate principal amount of its senior secured debenture from US$30 million to US$40 million.

Under the upsized arrangement, the second tranche has expanded from US$11.875 million to US$21.875 million and is being advanced in two instalments. The initial instalment of US$19.875 million was disbursed upon closing, while the remaining US$2 million instalment is scheduled to be advanced in October 2026. The debenture matures on January 31, 2031, and carries interest at a rate equal to 1-Month SOFR plus 2.5% per annum.

The company used a portion of the first instalment proceeds to fully repay a US$12 million secured credit facility with Nebari Natural Resources Credit Fund II, LP. The remainder of the funds will support exploration work and capital expenditures at the Sleeping Giant and Flordin projects, alongside general working capital requirements.

To satisfy the terms of the transaction, Glencore has registered a first-ranking security on the universality of Abcourt's movable and immovable property, covering real property interests, mining rights, inventory, and equipment. In addition, Abcourt issued 46,943,333 non-transferable warrants to Glencore. Each warrant allows the holder to acquire one common share at an exercise price of C$0.12 until April 30, 2030, with the warrants currently remaining subject to final approval from the TSX Venture Exchange and a statutory hold period in Canada expiring on January 3, 2027.

Abcourt shares are currently trading up 6.67% at $0.08 on the TSXV.

Read the full announcement: Abcourt Closes US$10,000,000 Increase to Debenture Financing With Glencore