Abcourt Mines Inc. has optimized its capital structure by securing strict executive lock-up agreements and completing massive warrant exercises that added $3,290,485 to the treasury in 2026.

Key executives including Noureddine Mokaddem, Pascal Hamelin, François Mestrallet, and Alain Lévesque have frozen 100% of their current controlling shares, immediately removing approximately 32% of the company's outstanding share capital from the public float. The transaction also establishes an automatic lock-up provision for about 100 million additional convertible securities held by management upon future exercise.

The measures align with a senior secured debt increase to US$40,000,000 with Glencore AG. Nearly all warrants expiring in September have been exercised, including every warrant held by insiders, leaving fewer than 21 million units maturing through 2026. The remaining US$2 million instalment of the debenture financing with Glencore is scheduled to be advanced in October 2026.

The restrictive terms remain in effect until the later of the second anniversary of the amending agreement or 10 days after the full cash repayment of at least 75% of the debt principal and interest. Transfer agents have received strict legal instructions to apply stop-transfer orders and reject unauthorized transactions.

“This lock-up agreement and the full exercise of our warrants demonstrate the absolute, long-term commitment of the entire management team to the success of the Sleeping Giant and Flordin projects. By freezing the securities of key individuals until the project's ultimate success, we ensure maximum staff retention and motivation. For our shareholders, this provides a major guarantee of stability: by immediately locking up nearly one-third of our outstanding shares and all of our convertible securities until our financial partnership with Glencore is repaid, we strengthen our capital structure and 100% align our personal interests with value creation at Abcourt Mines.”

— Pascal Hamelin, President and Chief Executive Officer

Abcourt focuses its operational activities on its flagship Sleeping Giant mine and mill and the Flordin property located in northwestern Quebec. The company previously secured a series of debt and debenture financings, including facilities with Glencore and Nebari, to fund the restart and development of the Sleeping Giant project.

Read the full announcement: Abcourt Mines Enhances Capital Structure: Successful Warrant Executions and Core Executive Lock-Up Agreements Secured