Benton Resources Inc. Announces C$3,600,300 "Best Efforts" Private Placement of Flow-Through Units
2024年7月18日 - 4:44AM
Benton Resources Inc. ("
Benton" or the
“
Company”) (TSXV: BEX) is pleased to announce that
it has entered into an agreement with Haywood Securities Inc.
(“
Haywood”), as lead agent and sole bookrunner, on
its own behalf and on behalf of a syndicate of agents (together
with Haywood, the “
Agents”) pursuant to which the
Agents have agreed to sell, on a "best efforts" private placement
basis, up to 21,820,000 flow-through units (the
“
Flow-Through Units”) of the Company at a price of
C$0.165 per Flow-Through Unit (the “
Issue Price”),
for gross proceeds to the Company of up to C$3,600,300 (the
“
Offering”).
Each Flow-Through Unit will consist of one
common share in the capital of the Company (a “Flow-Through
Share”) will qualify as a “flow-through share” within the
meaning of subsection 66(15) of the Income Tax Act (Canada) (the
“Tax Act”) and one-half of one
common share purchase warrant of the Corporation (each whole
purchase warrant, a “Warrant”). Each Warrant will
entitle the holder to acquire one common share of the Company (a
“Warrant Share”) at a price per Warrant Share of
C$0.250 for a period of 24 months from the Closing Date (as
hereinafter defined).
The Company has granted the Agents an option to
sell up to an additional 20% of the Offering in Flow-Through Units
at the Issue Price (the "Agents’ Option”),
exercisable in whole or in part at any time up to 48 hours prior to
the closing date.
The gross proceeds from the Offering will be
used by the Company to incur eligible "Canadian exploration
expenses" that will qualify as "flow-through critical mineral
mining expenditures" as such terms are defined in the Income Tax
Act (Canada) (the "Qualifying Expenditures")
related to the Company's projects in Canada. All Qualifying
Expenditures will be renounced in favour of the subscribers of the
Flow-Through Units effective on or before December 31, 2024.
The Offering is expected to close on or about
August 8, 2024 and is subject to certain closing conditions
including, but not limited to, the receipt of all necessary
approvals including the conditional listing approval of the TSX
Venture Exchange (“TSXV”) and the applicable
securities regulatory authorities. The Offering is being made by
way of private placement in Canada. The securities issued under the
Offering will be subject to a statutory hold period in Canada
expiring four months and one day from the closing date of the
Offering. The Offering is subject to final acceptance of the
TSXV.
In consideration for its services, the Company
has agreed to pay the Agents a cash commission equal to 7.0% of the
gross proceeds from the Offering and that number of
non-transferable compensation options (the
“Compensation Options”) as is
equal to 7.0% of the aggregate number of Flow-Through Units issued
under the Offering. Each Compensation Option is exercisable to
acquire one common share of the Company at a price per such common
share that is equal to C$0.165 for a period of 24 months from the
closing date of the Offering.
The securities offered have not been registered
under the U.S. Securities Act of 1933, as amended, and may not be
offered or sold in the United States absent registration or an
applicable exemption from the registration requirements. This press
release shall not constitute an offer to sell or the solicitation
of an offer to buy nor shall there be any sale of the securities in
any State in which such offer, solicitation or sale would be
unlawful.
About Benton
Resources Inc.
Benton Resources is a well-financed mineral
exploration company listed on the TSX Venture Exchange under the
symbol BEX. Benton has a diversified, highly prospective property
portfolio and 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 is focused on advancing its high-grade
Copper-Gold Great Burnt Project in central Newfoundland, which has
a Mineral Resource estimate of 667,000 tonnes @ 3.21% Cu Indicated
and 482,000 @ 2.35% Cu Inferred. The Project has an excellent
geological setting covering 25km of strike and boasts six known Cu-
Au-Ag zones over 15km that are all open for expansion. Further
potential for discovery is excellent given the extensive number of
untested geophysical targets and Cu-Au soil anomalies. Phase 1 and
2 drill programs returned impressive results including 25.42 m of
5.51% Cu, including 9.78 m of 8.31% Cu, and 1.00 m of 12.70% Cu.
All intercept are reported in core lengths.
On behalf of the Board of Directors of Benton
Resources Inc.,
“Stephen Stares”
Stephen Stares, President
Parties interested in seeking more information
about properties available for option can contact Mr. Stares at the
number below.
For further
information, please
contact:
For further information, please
contact:
Stephen Stares, President & CEO Phone:
807-474-9020Email: sstares@bentonresources.ca
Website: www.bentonresources.ca Twitter:
@BentonResourcesFacebook: @BentonResourcesBEX
Nick Konkin, Investor RelationsPhone: 647-249-9298 ext.
322Email: nick@grovecorp.ca
THE TSX
VENTURE EXCHANGE HAS NOT
REVIEWED AND DOES NOT ACCEPT
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF
THIS RELEASE.
The information contained herein contains
“forward-looking statements” within the meaning of applicable
securities legislation. Forward-looking statements relate to
information that is based on assumptions of management, forecasts
of future results, and estimates of amounts not yet determinable.
Any statements that express predictions, expectations, beliefs,
plans, projections, objectives, assumptions or future events or
performance are not statements of historical fact and may be
“forward-looking statements.”
Forward-looking statements are subject to a
variety of risks and uncertainties which could cause actual events
or results to differ from those reflected in the forward-looking
statements, including, without limitation: risks related to failure
to obtain adequate financing on a timely basis and on acceptable
terms; risks related to the outcome of legal proceedings; political
and regulatory risks associated with mining and exploration; risks
related to the maintenance of stock exchange listings; risks
related to environmental regulation and liability; the potential
for delays in exploration or development activities or the
completion of feasibility studies; the uncertainty of
profitability; risks and uncertainties relating to the
interpretation of drill results, the geology, grade and continuity
of mineral deposits; risks related to the inherent uncertainty of
production and cost estimates and the potential for unexpected
costs and expenses; results of prefeasibility and feasibility
studies, and the possibility that future exploration, development
or mining results will not be consistent with the Company’s
expectations; risks related to gold price and other commodity price
fluctuations; and other risks and uncertainties related to the
Company’s prospects, properties and business detailed elsewhere in
the Company’s disclosure record. Should one or more of these risks
and uncertainties materialize, or should underlying assumptions
prove incorrect, actual results may vary materially from those
described in forward-looking statements. Investors are cautioned
against attributing undue certainty to forward-looking statements.
These forward-looking statements are made as of the date hereof and
the Company does not assume any obligation to update or revise them
to reflect new events or circumstances. Actual events or results
could differ materially from the Company’s expectations or
projections.
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