Business
Benton Options Providence Ni-Cu-Co-PGM Project to Matador Capital
Thunder Bay, Ontario--(Newsfile Corp. - March 3, 2018) - Benton Resources Inc. (TSXV: BEX) ("B...
About this update from Benton Resources, Inc.
[{"type":"text","content":"Benton Options Providence Ni-Cu-Co-PGM Project to Matador CapitalThunder Bay, Ontario--(Newsfile Corp. - March 3, 2018) - Benton Resources Inc. (TSXV: BEX) (\"Benton\" or \"the Company\") is pleased to announce that it has executed a binding letter of intent (\"LOI\") with Matador Capital Pty Ltd. (\"Matador\"), a private Australian-based company, whereby Matador has acquired the right to acquire a 100% interest in Benton's Providence Copper-Nickel-PGM project (the \"Option\") located in the Northwest Territories within 70km from the Diavik Diamond Mine. Under the terms of the LOI, Benton has granted to Matador the exclusive right (the \"Exclusivity Period\") to negotiate the terms of the transaction, enter into a definitive agreement and/or exercise the Option during the 30 day period following execution of the LOI in consideration for the payment of A$10,000 (Australian denominated currency) within 10 days of signing the LOI. The Exclusivity Period will be automatically extended for the following periods at Matador's election provided they pay the following amounts to Benton:For a further five (5) months by paying Benton A$90,000 within 30 days of executing the LOI;For a further two (2) months by paying an additional A$100,000 within six (6) months of executing the LOI.During the Exclusivity Period, Matador may at any time exercise the option to acquire a 100% interest, by paying to Benton an additional A$200,000 (the \"Option Exercise Amount\") in cash or equivalent shares (of Matador or a nominee) based on a 10-day weighted average price. At a minimum, Matador must pay to Benton no less than A$300,000 in aggregate of cash and equivalent shares between the Exclusivity Period payments and the Option Exercise Amount regardless of the point in time during the Exclusivity Period the election to exercise the Option is made. In addition, to earn the 100% interest in the Option Matador (or its nominee) must complete either of the following prior to 36 months of executing the LOI;Completing a minimum of A$1,000,000 in exploration expenditures on the project; orPaying to Benton a further A$1,000,000; orIssuing to Benton tradable shares of Matador (or a nominee) having a value of A$1,000,00 based on the previous 10-day weighted average price of its shares prior to issuance.In addition, Matador will assume the underlying NSR's on the pr...