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Benton Advised That Clean Air Metals Accelerates Final Payment to Rio Tinto for the Escape Lake Property Option
Thunder Bay, Ontario--(Newsfile Corp. - November 10, 2021) - Benton Resources Inc. (TSXV: BEX)...
About this update from Benton Resources, Inc.
[{"type":"text","content":"Benton Advised That Clean Air Metals Accelerates Final Payment to Rio Tinto for the Escape Lake Property OptionThunder Bay, Ontario--(Newsfile Corp. - November 10, 2021) - Benton Resources Inc. (TSXV: BEX) ('Benton') is pleased to announce it has been advised by Clean Air Metals Inc. that the final payment of CAD $1 million has been made to Rio Tinto Exploration Canada on behalf of Benton pursuant to the option agreement on the Escape Lake Property. Benton continues to hold approximately 24.6 million shares in Clean Air Metals Inc. and is very pleased with their progress to date. The news release, which was issued earlier today is reproduced below.Thunder Bay, ON, November 10, 2021 - Clean Air Metals Inc. (TSXV: AIR) (FSE: CKU) (OTCQB: CLRMF) (\"Clean Air Metals\" or the \"Company\") is pleased to announce that, further to its press release dated October 12, 2021, it has made the final payment of CAD $1 Million, for and on behalf of Benton Resources Inc. (\"Benton\") (TSXV: BEX), directly to Rio Tinto Exploration Canada Inc. (\"RTEC\"), pursuant to the terms of the definitive option agreement (the \"Option Agreement\") entered into by the Company and Benton in order to satisfy a payment requirement of Benton under its pre-existing option agreement with RTEC dated October 9, 2019 relating to the Escape Lake Property (the \"Escape Lake Option Agreement\") (see previous press release dated January 6, 2020 and May 14, 2020).The final payment of CAD $1 Million, not due under the terms of the Escape Lake Option Agreement until October 9, 2022, was accelerated at the Company's option. Clean Air Metals has now fulfilled all of Benton's payment obligations under the Escape Lake Option Agreement, earning Benton a 100% right, title and interest in and to the Escape Lake Property, subject to a 1.0% net smelter return royalty to be retained by RTEC (the \"RTEC Royalty\"), and subject to Clean Air Metals' right to acquire 100% of Benton's interest in and to the Escape Lake Property pursuant to the terms of the Option Agreement.Clean Air Metals will be entitled to exercise the option to acquire 100% of Benton's interest in the Escape Lake Property, subject to a 0.5% net smelter return royalty from production on the Escape Lake Property to be retained by Benton, upon completion of the two remaining payments under the Share Purcha...