Benton Announces Non-Brokered Flow-Through Private Placement Financing and Receipt of Option Payment
Thunder Bay, October 17, 2017 - Benton Resources Inc. (TSXV: BEX) ("Benton" or "the Company") is pleased to announce that it is arranging a non-brokered private placement financing of flow-through units ("FT Units") to raise gross proceeds of up to $300,000 (the "Offering"). Each FT Unit will be issued at $0.08 and will consist of one (1) Flow-through Common Share and a Common Share Purchase Warrant ("Warrant"), each Warrant being exercisable at $0.25 for 12 months from the date of issuance. The Common Shares comprising the FT Units and the Common Shares issuable upon exercise of the Common Share Purchase Warrants will be subject to a four (4) month hold period commencing on the Closing Date, being the date of issuance of the Units.
Proceeds from the financing will be used to complete additional diamond drilling and further advancement of the Bedivere gold project located in Northwestern Ontario.
The Company may pay finders fees to registered representatives in accordance with TSX Venture Exchange policies in connection with this financing. The proposed financing and associated terms are subject to TSX Venture Exchange approval.
In addition, the Company would like to inform shareholders that Rio Tinto Exploration Canada Inc. ("RTEC") has made its first anniversary option payment of $20,000 to the Company pursuant to the option to joint venture agreement (the "Option") executed in October 2016 on the Company's Bark Lake project (see Benton news release dated October 25, 2016). Under the terms of the Option, RTEC can earn a 70% interest by incurring $3 million in exploration expenditures and by paying Benton $50,000 cash over 5 years (the "First Option"). After the First Option period, RTEC may either form a joint venture with Benton on a 70/30 basis or, at its election, increase its interest to 80% (the "Second Option") by spending an additional $5 million in exploration expenditures over 4 years and by paying Benton $100,000 cash within 30 days after electing to exercise the Second Option. Upon exercising the Second Option, RTEC may elect to form a joint venture with Benton on an 80/20 basis.
On behalf of the Board of Directors of Benton Resources Inc.,
"Stephen Stares"
Stephen Stares, President
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."
For further information contact Stephen Stares @:
684 Squier Street,
Thunder Bay, ON P7B 4A8
Phone (807)475-7474
Fax (807)475-7200
www.bentonresources.ca