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Benz Mining Corp. Announces Closing of its Oversubscribed Offering of Flow-Through Units and Hard Dollar Units

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Benz Mining Corp. Announces Closing of its Oversubscribed Offering of Flow-Through Units and Hard Dollar Units

 

 

 

 

 

Benz Mining Corp. (TSXV: BZ) is pleased to announce that it has closed its previously announced private placement of 14,857,142 flow-through units at $0.875 and 400,000 hard dollar units at $0.55 for aggregate gross proceeds of $13,219,999.25.

 

Each FT Unit and HD Unit consists of one common share of the Company and 0.5 common share purchase warrant. Each whole Warrant will entitle the holder to acquire one common share of the Company for two years from the closing of the Offering at a price of $1.00 per Share.

 

The Company paid to certain finders a cash commission of 5% of the gross proceeds raised from the FT Units portion of the Offering.

 

The gross proceeds received by the Company from the sale of the FT Units will be used to incur Canadian Exploration Expenses that are “flow-through mining expenditures” (as such terms are defined in the Income Tax Act (Canada)) on the Company’s properties in Québec, by December 31, 2021 and renounce such expenditures to the subscribers effective December 31, 2020.

 

The Shares and Warrants are subject to a four month hold period expiring on March 1, 2021.

 

Tamesis Partners LLP and Tectonic Advisory Partners acted as advisors to Benz (Tectonic Securities transactions are executed through Ecoban Securities Corporation).

 

About Benz Mining Corp.

 

Benz Mining Corp. brings together a strong team of geoscientists and finance professionals with a focused strategy to acquire and develop mineral projects with an emphasis on safe, low risk jurisdictions favorable to mining development. Benz is earning a 100% interest from Eastmain Resources Inc. in the former producing high grade Eastmain gold mine, Ruby Hill West and Ruby Hill East projects in Quebec.

 

Posted October 30, 2020

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