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Clean Air Metals Completes Reverse Takeover Transaction and Issues 24.6 Million Shares to Benton
Thunder Bay, Ontario--(Newsfile Corp. - May 15, 2020) - Benton Resources Inc. (TSXV: BEX)...
About this update from Benton Resources, Inc.
[{"type":"text","content":"Clean Air Metals Completes Reverse Takeover Transaction and Issues 24.6 Million Shares to BentonThunder Bay, Ontario--(Newsfile Corp. - May 15, 2020) - Benton Resources Inc. (TSXV: BEX) ('Benton' or 'the Company') is pleased to announce that Clean Air Metals Inc. (\"Clean Air\") (formerly Regency Gold Corp.) has completed its previously announced reverse takeover transaction pursuant to the policies of the TSX Venture Exchange. In connection with the completion of the Transaction, Clean Air filed a filing statement dated May 5, 2020 (the \"Filing Statement\") in support of its application to the TSXV to become a \"Mining Issuer\" (as that term is defined in the policies of the TSXV).Stephen Stares, president and CEO of Benton stated, \"First and foremost the Benton team would like to congratulate Clean Air Metals on this significant milestone. Benton is a proud shareholder of Clean Air and is extremely excited that their first phase drill program will commence soon. Benton is hopeful that its significant investment in Clean Air will provide shareholder value in the future as the project is advanced by this dynamic team of explorers and developers.\"The TransactionPursuant to the terms of the definitive option agreement dated January 6, 2020, as amended January 27, 2020 (collectively, the \"Option Agreement\") entered into between the Company and Clean Air, Clean Air has now completed the acquisition of an option (the \"Option\") to acquire a 100% right, title and interest in and to the Escape Lake Property. Pursuant to the terms of a definitive share purchase agreement dated January 6, 2020 (the \"Pan Agreement\") entered into between Clean Air and Magma Metals PTY Ltd. (\"Magma\"), Clean Air has now completed the acquisition of 100% of Panoramic Resources Limited's indirect subsidiary, Panoramic PGMs (Canada) Ltd. (\"Pan Subsidiary\"), which owns the Thunder Bay North Project (the \"TBN Project\"). Pan Subsidiary is now a wholly-owned subsidiary of Clean Air. In consideration of the acquisition of Pan Subsidiary, Clean Air agreed to pay to Magma, over a three-year period, an aggregate of C$9 million, C$4.5 million of which was paid on closing of the Transaction.In connection with the acquisition of the Option and the completion of the Transaction, and in accordance with the terms and conditions of the Option Agreement...