Abcourt Closes US$10M Debenture Upsize With Glencore, Repays Nebari Loan

Abcourt Mines (ABI), also quoted as ABMBF on the OTCQB, said on September 2, 2026 that it has closed the previously announced transaction with Glencore AG to raise the aggregate principal amount of its senior secured debenture from US$30 million to US$40 million. The upsize was first announced on August 6, 2026 and follows the original debenture agreed on January 30, 2026. The Quebec-based gold developer will use the money for exploration, capital spending and working capital.

Under the original structure, a first tranche of US$18,125,000 was made available to Abcourt on January 30, 2026. The second tranche has now been increased from US$11,875,000 to US$21,875,000 and will be paid out in two instalments. The first instalment of US$19,875,000 was advanced on the closing date, with the remaining US$2,000,000 scheduled for October 2026.

Part of the fresh proceeds went straight to debt repayment. Abcourt used the money to repay a US$12,000,000 secured credit facility with Nebari Natural Resources Credit Fund II, LP, effectively replacing that lender with Glencore as its principal secured creditor.

The remainder is earmarked to fund exploration work and capital expenditures at the Sleeping Giant and Flordin projects and to provide additional working capital. Abcourt owns the Sleeping Giant mine and mill and the Flordin property in northwestern Québec, where it concentrates its development work.

The so-called Upsized Debenture matures on January 31, 2031 and carries interest until full repayment at 1-Month SOFR plus 2.5% per annum. The company said no other material changes were made to the terms of the original senior secured debenture.

As part of the deal, Abcourt granted Glencore a first ranking security, subject to certain permitted liens, over the universality of its movable and immovable property, including real property interests, mining rights, inventory and equipment.

Abcourt also issued 46,943,333 non-transferable warrants to Glencore on the closing date. Each warrant is exercisable for one common share at C$0.12 until April 30, 2030, and the warrants remain subject to final approval of the TSX Venture Exchange. The securities are subject to a statutory Canadian hold period expiring on January 3, 2027.

For a small-cap developer, the transaction lengthens the debt maturity profile to 2031 at a floating rate tied to SOFR, while adding a sizeable block of potential dilution at C$0.12 per share and giving Glencore a first-ranking claim on essentially all of the company's assets.

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