Business
Benton Closes Non-Brokered Private Placement
Thunder Bay Ontario--(Newsfile Corp. - November 2, 2021) - Benton Resources Inc. (TSXV: BEX) (...
About this update from Benton Resources, Inc.
[{"type":"text","content":"Benton Closes Non-Brokered Private PlacementThunder Bay Ontario--(Newsfile Corp. - November 2, 2021) - Benton Resources Inc. (TSXV: BEX) ('Benton' or 'the Company') is pleased to announce that it has received approval from the TSX Venture Exchange to close its previously announced non-brokered private placement of flow-through and non flow-through units (the \"Private Placement\") (see Company news release dated October 21, 2021).The Company will now issue 5,175,000 flow-through units (\"FT Units\") at a price of $0.20 per FT Unit, for gross proceeds of $1,035,000. Each FT Unit consists of one (1) flow-through common share and one-half of one common share purchase warrant, each full warrant being exercisable for an additional common share of the Company at a price of $0.30 for 24 months from the date of issuance. 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 will now also issue 5,245,555 non flow-through units (\"Units\") at a price of $0.18 per Unit for gross proceeds of $944,199.90. Each Unit consists of one common share and one common share purchase warrant, each warrant being exercisable for an additional common share of the Company at a price of $0.30 for 24 months form the date of issuance. In connection with the Private Placement, the Company is paying 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 and one day 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 Newfoundland joint-venture properties as well as various Ontario-based exploration projects, and for working capital purposes.On behalf of the Board of Directors of Benton Resources Inc.,\"Stephen Stares\"Stephen Stares, PresidentAbout Benton Resources Inc.Benton Resources Inc. is a well-funded mineral exploration company listed on the TSX Venture Exchange under the symbol BEX. Following a project-generation business model, Benton has a diversified, highly-prospective property portfolio in Gold, Silver, Nickel, Copper, and Platinum Group Elements and currently holds large eq...