Benton Resources Inc. (TSX-V: BEX) is pleased to announce that it has received approval from the TSX Venture Exchange to close its previously announced non-brokered private placement of flow-through and non flow-through units (see Company news release dated October 21, 2021).
The Company will now issue 5,175,000 flow-through units at a price of $0.20 per FT Unit, for gross proceeds of $1,035,000. Each FT Unit consists of one flow-through common share and one-half of one common share purchase warrant, each full warrant being exercisable for an additional common share of the Company at a price of $0.30 for 24 months from 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).
The Company will now also issue 5,245,555 non flow-through units at a price of $0.18 per Unit for gross proceeds of $944,199.90. Each Unit consists 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 $0.30 for 24 months form the date of issuance.
In connection with the Private Placement, the Company is paying 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 financing will be used to advance Benton’s Newfoundland joint-venture properties as well as various Ontario-based 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. Following a project-generation business model, Benton has a diversified, highly-prospective property portfolio in Gold, Silver, Nickel, Copper, and Platinum Group Elements and currently holds large equity positions in other mining companies that are advancing high-quality assets. Whenever possible, BEX retains Net Smelter Return royalties for potential long-term cash flow. Benton has also recently entered into a 50/50 strategic alliance with Sokoman Minerals Corp. (TSX-V: SIC) through three large-scale joint venture properties including Grey River, Golden Hope and Kepenkeck in Newfoundland that are now being explored.
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We acknowledge the [financial] support of the Government of Canada.