Benton Resources Inc. has arranged a non-brokered private placement of flow-through (FT) and non-flow-through (NFT)units for combined aggregate gross proceeds of up to $1.7-million. The private placement is expected to close on or before Dec. 28, 2022.
On receipt of TSX Venture Exchange approval, the company will issue up to 8.6 million flow-through shares units at a price of 14 cents per FT unit, for gross proceeds of up to $1,204,000, each FT unit consisting of one flow-through common share and one-half of one share purchase warrant, each full warrant being exercisable for an additional common share of the company at a price of 20 cents for 18 months following the date of issuance. The flow-through shares will entitle the holder to receive the tax benefits applicable to flow-through shares, in accordance with provisions of the Income Tax Act (Canada).
In addition, the company will issue up to 4.1 million non-flow-through units at a price of 12 cents per NFT unit for aggregate gross proceeds of up to $492,000, each NFT unit consisting of one common share and one common share purchase warrant, each warrant being exercisable for an additional common share of the company at a price of 20 cents for 18 months following the date of issuance.
In connection with the private placement, the company may pay finders’ fees in cash or securities or a combination of both, as permitted by the policies of the TSX Venture Exchange. All securities issued pursuant to the private placement will be subject to a four-month-and-one-day hold period. The private placement is subject to approval by the TSX Venture Exchange.
The proceeds of the private placement will be used to advance Benton’s various exploration projects and for working capital purposes.
About Benton Resources Inc.
Benton Resources Inc. is a well-funded mineral exploration company listed on the TSX Venture Exchange under the symbol BEX. Following a project generation business model, Benton has a diversified, highly-prospective property portfolio of Gold, Silver, Nickel, Copper, Platinum Group Elements and most-recently Lithium and Cesium assets. In addition, it currently holds large equity positions in other mining companies that are advancing high-quality assets. Whenever possible, BEX retains Net Smelter Return (NSR) royalties with potential long-term cash flow.
Benton also is a 50/50 partner in a strategic alliance with Sokoman Minerals Corp. (TSXV:SIC) through three large-scale joint venture properties including Grey River Gold, Golden Hope, and Kepenkeck in Newfoundland.
For further information, please contact:
Benton Resources Inc.
Stephen Stares, President & CEO
Phone: 807-475-7474
Email: sstares@bentonresources.ca
CHF Capital Markets
Thomas Do, IR Manager
Phone: 416-868-1079 x 232
Email:thomas@chfir.com
Website: www.bentonresources.ca,
Twitter: @BentonResources,
Facebook: @BentonResourcesBEX,
LinkedIn: @BentonResources,