Business
Benton Advises that Clean Air Metals Closes First Tranche of CAD$15 Million Royalty Financing Agreement on Thunder Bay North Critical Minerals Project with Triple Flag Precious Metals Corp.
Thunder Bay, Ontario--(Newsfile Corp. - December 19, 2022) - Benton Resources Inc. (TSXV: BEX) ("...
About this update from Benton Resources, Inc.
[{"type":"text","content":"Benton Advises that Clean Air Metals Closes First Tranche of CAD$15 Million Royalty Financing Agreement on Thunder Bay North Critical Minerals Project with Triple Flag Precious Metals Corp.Thunder Bay, Ontario--(Newsfile Corp. - December 19, 2022) - Benton Resources Inc. (TSXV: BEX) (\"Benton\" or the \"Company\") is pleased to announce that it has been notified by Clean Air Metals Inc. (\"Clean Air\") that it has entered into a CAD$15 million mineral royalty financing agreement with Triple Flag Precious Metals Corp. (\"Triple Flag\"). Clean Air has closed an initial tranche of $10 million of the CAD$15 million contained within the agreement. Under the terms of the agreement, Clean Air will utilize a portion of the funds to make the final payment of CAD$1.5 million to Panoramic Resources Inc. and will satisfy the final condition to earn a 100% interest in the Thunder Bay North Project from Benton. Benton currently holds 24.6 million shares of Clean Air and retains a 0.5% net smelter return (NSR) royalty on the Escape Lake Deposit and a 0.5% NSR royalty on a large portion of the Thunder Bay North deposit (see Benton press release dated May 15, 2020).Benton's board and management team is extremely pleased to see this level of investment from an emerging streaming and royalty company such as Triple Flag and feels it underscores the true value of these excellent deposits that are ideally situated only 50 km north of the city of Thunder Bay on a paved highway. The news release below was issued earlier today by Clean Air Metals Inc.December 19, 2022 Clean Air Metals Inc. (\"Clean Air Metals\") (the \"Company\") AIR: TSXV; CLRMF: OTCQB; CKU: DB, has closed the first tranche in the amount of C$10 million of a C$15-million mineral royalty financing agreement (the \"TF Royalty Agreement\") effective December 16, 2022 with Triple Flag Precious Metals Corp. (\"Triple Flag\") for a 2.5% net smelter returns (\"NSR\") mining royalty for all mineral product produced on the Thunder Bay North Critical Minerals (Platinum, Palladium, Copper, Nickel) project in Northern Ontario, Canada. The second tranche, consisting of C$5 million, will be paid on or before 90 days from the effective date of the TF Royalty Agreement, allowing time for due diligence and a decision by Rio Tinto Exploration Canada Inc. (\"RTEC\") on whether or not to sell its 1% ...