Benton Files for Exchange Approval for Non-Brokered Private Placement Financing
Thunder Bay, December 9, 2020 - Benton Resources Inc. (TSXV: BEX) ('Benton' or 'the Company') announces that it has filed documents with the TSX Venture Exchange seeking final approval for its recently announced non-brokered private placement of flow-through and non-flow through units (the "Private Placement") (see Benton PR dated November 19, 2020).
On receipt of all regulatory approvals, the Company will issue 3,250,000 flow-through units at a price of $0.20 per flow-through unit, each consisting of 1 flow-through common share of the Company and ½ (one half) of a common share purchase warrant, with each full warrant entitling the holder to acquire an additional common share of the Company at $0.30 for a period of 24 months from the date of issue, and 2,138,000 non flow-through units at a price of $0.17 per unit each consisting of 1 common share of the Company and 1 common share purchase warrant, with each warrant entitling the holder to acquire an addition common share of the Company at $0.30 for 24 months from the date of issue, for aggregate gross proceeds of $1,013,460. 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).
Upon receipt of regulatory approval and in connection with the private placement, the Company will pay $49,138 in cash finders' fees and will issue 288,960 finders' warrants exercisable at $0.20 for 24 months from the date of issue, 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 hold period.
The proceeds of the financing will be used to advance Benton's Far Lake IOCG project and its various early-stage Ontario-based exploration projects, and for working capital purposes.
On behalf of the Board of Directors of Benton Resources Inc.,
"Stephen Stares"
Stephen Stares, President
About Benton Resources Inc.
Benton Resources is a well-funded Canadian-based project generator with a diversified property portfolio in Gold, Silver, Nickel, Copper, and Platinum group elements. Benton holds multiple high-grade projects available for option which can be viewed on the Company's website. Many projects have an up-to-date 43-101 Report available.
For further information, please contact:
Stephen Stares, President & CEO
Phone: 807-475-7474
Email: sstares@bentonresources.ca
CHF Capital Markets
Cathy Hume, CEO
Phone: 416-868-1079 x231
Email: cathy@chfir.com
Website: www.bentonresources.ca
Twitter: @BentonResources
Facebook: @BentonResourcesBEX
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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