Business
Benton Announces Non-Brokered Private Placement of Flow-Though Shares and Non Flow-Through Units and Provides Update
Thunder Bay, Ontario--(Newsfile Corp. - June 2, 2020) - Benton Resources Inc. (TSXV: BEX) ('Be...
About this update from Benton Resources, Inc.
[{"type":"text","content":"Benton Announces Non-Brokered Private Placement of Flow-Though Shares and Non Flow-Through Units and Provides UpdateThunder Bay, Ontario--(Newsfile Corp. - June 2, 2020) - Benton Resources Inc. (TSXV: BEX) ('Benton' or 'the Company') is pleased to announce that, subject to all regulatory approvals, the Company intends to complete a non-brokered private placement of flow-through shares and non flow-through units (the \"Private Placement\"). The Private Placement is expected to close on or before June 15, 2020.The Company intends to issue up to 5,000,000 flow-through shares at a price of $0.15 per flow-through share for gross proceeds of up to $750,000. 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). The Company also intends to issue up to 3,461,538 non flow-through units at a price of $0.13 per unit for aggregate proceeds of up to $450,000. Each unit will consist of one common share and one common share purchase warrant. Each warrant will entitle the holder thereof to purchase one additional common share of the Company at an exercise price of $0.25 per common share for a period of 24 months from the date of issue.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. All securities issued pursuant to the private placement will be subject to a four month hold period. The Private Placement is subject to approval by the TSX Venture Exchange. The proceeds of the financing will be used to advance Benton's various early-stage Ontario-based exploration projects, including the recently optioned Far Lake project (see Company news release dated May 20, 2020) and for working capital purposes.In addition, the Company is also pleased to report that it has signed a contract to fly a 1642 line-kilometer Heliborne, High-Resolution Magnetic and Time-Domain Electromagnetic Survey over the entire Far Lake project. The survey will commence next week and will be essential in locating sulphide occurrences similar to the massive sulphide occurrence in trenches on the property that graded 22% Cu. The Company hopes that the survey will also assist in extending known zones of mineralization where overburden ...