Business
Benton Announces $1.56 Million Non-Brokered Premium Flow-Through Financing with Investment by Eric Sprott
Thunder Bay, Ontario--(Newsfile Corp. - November 27, 2023) - Benton Resources Inc. (TSXV: BE...
About this update from Benton Resources, Inc.
[{"type":"text","content":"Benton Announces $1.56 Million Non-Brokered Premium Flow-Through Financing with Investment by Eric SprottThunder Bay, Ontario--(Newsfile Corp. - November 27, 2023) - Benton Resources Inc. (TSXV: BEX) (\"Benton\" or the \"Company\") is pleased to announce that, subject to all regulatory approvals, the Company has entered into an arrangement with Wealth Creation Preservation & Donation Inc. (\"WCPD\") and investor Eric Sprott whereby WCPD will arrange for the subscription of 6,250,000 Charity Flow-through Units (\"FT Unit\") for $0.25 per FT Unit for aggregate gross proceeds of $1,562,500 (the \"Private Placement\"). Each FT Unit consists of one common share of the Company and one-half of one common share purchase warrant (a \"Warrant\"), each Warrant being exercisable for an additional common share of the Company, each of which will not qualify as a flow-through share, at an exercise price of $0.25 for 36 months from the date of issue. The FT Units will entitle the holder to receive the tax benefits applicable to flow-through shares, in accordance with provisions of the Income Tax Act (Canada). Mr. Sprott, a long-time investor and largest shareholder of the Company, will acquire the 6,250,000 units pursuant to the Private Placement for total consideration of $1,000,000 through 2176423 Ontario Ltd., a corporation beneficially owned by him.The Private Placement is expected to close on or before December 15, 2023. Stephen Stares, President and CEO of the Company stated \"Benton is very pleased to have Eric Sprott's continued support as our largest shareholder. Benton has been able to aggressively advance the Great Burnt Copper-Gold project and we believe that this project presents an incredible opportunity for advancement towards development. This Private Placement will fund Benton's remaining exploration commitment to vest its 70% ownership interest in Great Burnt. We look forward to continuing this exciting work\".All securities issued pursuant to the Private Placement will be subject to a four-month and a day hold period.In connection with the Private Placement, the Company may pay finders' fees in cash or securities or a combination of both, as permitted by the policies of the TSX Venture Exchange. The Private Placement is subject to approval by the TSX Venture Exchange. The Company will use an amount equal to the gross...