Abcourt Closes US$10,000,000 Increase to Debenture Financing With Glencore
Glencore upsized facility closes on schedule, locking first-rank security and funding ramp-up
Abcourt Mines Inc. announced on September 2, 2026, that it closed the previously disclosed increase to its senior secured debenture with Glencore AG, raising the total principal from US$30,000,000 to US$40,000,000.
The original first tranche of US$18,125,000 was already advanced on January 30, 2026. Under the upsized facility, the second tranche was increased from US$11,875,000 to US$21,875,000. The first installment of US$19,875,000 was advanced on the closing date, with the remaining US$2,000,000 scheduled for October 2026.
Proceeds were partly used to repay the US$12,000,000 secured credit facility with Nebari Natural Resources Credit Fund II, LP. The remainder is designated for exploration, capital expenditures at Sleeping Giant and Flordin, and working capital.
The facility matures January 31, 2031 and bears interest at 1-month SOFR plus 2.5% per year. The security package was registered as first-ranking over the universality of Abcourt’s movable and immovable property, including mining rights, inventory, and equipment. The company also issued 46,943,333 non-transferable warrants with an exercise price of C$0.12 and expiry April 30, 2030.
No other material changes to the original debenture terms were made.
Abcourt Mines Inc. (ABI) completed a financing transaction that formalizes terms previously announced on August 6, 2026. The close largely serves to finalize the upsizing of the facility rather than introducing new operational or strategic developments.
The market impact is expected to be limited, as key details were already public. The stock traded at C$0.07 on both August 6, 2026, and September 2, 2026, indicating the market had already absorbed the proposed financing before the close.
The transaction improves liquidity and removes a nearer-dated Nebari facility. However, it increases total senior secured debt and grants Glencore first-ranking security across substantially all Abcourt assets. While these terms were part of the original financing package, they represent a meaningful change to the capital structure.
Abcourt Mines Inc. (ABI) is a Canadian gold development company listed on the TSX Venture Exchange, with assets located in Quebec. The company’s key holdings include the 100%-owned Sleeping Giant mine and mill, situated between Matagami and Amos, which is currently in ramp-up with a first gold pour scheduled for September 2025. Additional 100%-owned assets include the Flordin gold exploration and development project east of Sleeping Giant, the Discovery gold exploration and development project, and the Abcourt-Barvue silver-zinc project in Barraute. The company also holds additional Quebec properties, including Elder, Vendôme, Aldermac, and Pershing-Manitou.
Infrastructure for the operations includes an operational mill, historically referenced as having a capacity of 800 to 950 tonnes per day, a 22-level mine extending to roughly 1,175 metres depth, and access to hydroelectric power.