Abcourt Mines Inc. has entered into a non-binding term sheet to increase its existing senior secured debenture from US$30 million to US$40 million. The proposed arrangement with Glencore AG is designed to restructure the company’s debt profile by securing more favourable terms, including a lower interest rate and an extended amortization period.

Under the terms of the proposed upsized debenture, the second tranche of the financing has been increased from US$11.875 million to US$21.875 million. Notably, the disbursement date for this tranche has been accelerated from the originally anticipated timeline of late 2026 or early 2027 to on or about 12 August 2026.

Abcourt intends to deploy the proceeds from the expanded financing to fulfil several key financial and operational objectives. The company plans to use the funds to fully repay its existing US$12 million secured credit facility with Nebari Natural Resources Credit Fund II, LP. The remaining capital is earmarked to support ongoing exploration and capital expenditure requirements at its Sleeping Giant and Flordin projects, while also providing additional general working capital to sustain current development activities.

In connection with the closing of the upsized debenture, Abcourt will issue 46,943,333 non-transferable warrants to the lender. Each warrant entitles the holder to acquire one common share of the company at an exercise price of C$0.12 per share. These securities will be subject to a statutory hold period of four months and one day under applicable securities laws.

Regarding the impact of the financing, Pascal Hamelin, President and CEO of Abcourt, stated:

“This increased support from Glencore confirms the value of our assets and secures our growth trajectory.”

The proposed financing remains subject to several closing conditions. The company must complete the execution of formal binding documentation with the lender. Additionally, the transaction and the associated issuance of warrants require the formal approval of the TSX Venture Exchange. Once these regulatory and contractual conditions are met, the company anticipates proceeding with the disbursement of the expanded funds in mid-August. No other material changes to the original senior secured debenture, which was initially announced on 30 January 2026, are proposed as part of this transaction.

Read the full announcement: Abcourt Announces Proposed US$10M Increase to Debenture Financing with Glencore