Business
Benton Completes Sale of Cape Ray Project for A$5.25 Million in Cash and Shares
Thunder Bay, Ontario--(Newsfile Corp. - July 4, 2018) - Benton Resources Inc. (TSXV: BEX) ("Be...
About this update from Benton Resources, Inc.
[{"type":"text","content":"Benton Completes Sale of Cape Ray Project for A$5.25 Million in Cash and SharesThunder Bay, Ontario--(Newsfile Corp. - July 4, 2018) - Benton Resources Inc. (TSXV: BEX) (\"Benton\" or \"the Company\") is pleased to announce that it has completed the sale of its 80% interest in the Cape Ray Gold project to Matador Mining Limited (\"Matador\") of Western Australia. Under the purchase agreement Benton received a total of A$3.25 million (A = Australian dollars) and 8,000,000 common shares of Matador based on an underlying value of A$0.25/share (the \"Consideration Shares\") for a total consideration of A$5.25 million. The Company also received 833,333 options exercisable at a price of A$0.30 a share for a period of 2 years following the date of issuance. Benton has now transferred title and its interest in all mineral licenses contained within the Agreement. In addition, Benton will retain a 1% NSR on its 100% owned Cape Ray mineral licenses, more specifically those licenses that contain no other underlying NSR's that are included in the Agreement. Matador will have the right to buy back 50% of this NSR by paying to Benton A$1 million. Matador will assume all other underlying NSR's associated with the 04/41/51/Windowglass Hill/Big Pond/Isle aux Morts deposit claim packages. Benton has also agreed to enter into a voluntary escrow agreement for 75% of the Consideration Shares whereby Benton will not trade these shares for the first 6 months following their issuance. Benton also agrees not to trade the remaining 25% of the Consideration Shares unless such trading is conducted through a controlled sale arranged by Matador's appointed broker or as otherwise agreed to by Benton and Matador.About Benton Resources Inc. (TSXV: BEX) Benton Resources Inc is a well-funded Canadian-based project generator with a diversified property portfolio in Gold-Silver, Nickel, Copper, and Platinum group elements. Benton holds multiple high grade gold and Base Metal projects available for option which can be viewed on the company's web site. Most projects have an up to date 43-101 reports available. Interested parties can contact Stephen Stares from the contact belowOn behalf of the Board of Directors of Benton Resources Inc.,\"Stephen Stares\"Stephen Stares, PresidentTHE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQU...