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Benton Options Saganaga Gold Project to Private Ontario-Based Exploration Company
Thunder Bay, Ontario--(Newsfile Corp. - August 11, 2020) - Benton Resources Inc. (TSXV: BEX) (...
About this update from Benton Resources, Inc.
[{"type":"text","content":"Benton Options Saganaga Gold Project to Private Ontario-Based Exploration CompanyThunder Bay, Ontario--(Newsfile Corp. - August 11, 2020) - Benton Resources Inc. (TSXV: BEX) ('Benton' or 'the Company') is pleased to announce that the Company has entered into an Option Agreement (the \"Agreement\") with 2752300 Ontario Inc. (the \"Optionee\"), a private company, whereby the Optionee can earn up to a 100% interest in the Saganaga Gold project (the \"Project\"). The Saganaga project is a large land package located in the Shebandowan Greenstone belt, 120km west of Thunder Bay, Ontario, Canada. The Optionee can aquire an initial 70% interest in the Project by:paying the Company $50,000 in cash and issuing the greater of 1,000,000 Optionee common shares or 3% of the issued and outstanding Optionee common shares to the Company upon execution of the Agreement;paying the Company $50,000 in cash and issuing the greater of 1,000,000 Optionee common shares or 2% of the then issued and outstanding Optionee common shares to the Company and incurring a minimum of $200,000 in qualified exploration expenditures on or before the first anniversary of the effective date of the Agreement; and,paying the Company $50,000 in cash and issuing the greater of 1,000,000 Optionee common shares or 1.5% of the then issued and outstanding Optionee common shares to the Company and have completed a further $200,000 in qualified exploration expenditures on or before the second anniversary of the effective date of the Agreement. The Optionee, at its election, may then provide the Company notice that it intends to earn an additional 30% interest (taking interest to 100% subject to underlying NSR's) in the Project by:paying the Company $50,000 cash and issuing 2,000,000 Optionee common shares to the Company and completing a further $400,000 in qualified exploration expenditures on the Project. In the event that the Optionee completes a resource calculation for the Project in accordance with NI 43-101, the Optionee will issue to the Company 1,000,000 Optionee common shares. The Optionee has covenanted to use its commercial best efforts to complete a liquidity event which consists of a going public transaction by way of IPO, reverse takeover or similar transaction.The Project is host to multiple gold zones with highlights from drilling including 5.0gpt Au over 20.6m i...