Business
Regency Announces Update on $15 Million Subscription Receipt Financing and Reverse Takeover Transaction
Vancouver, British Columbia--(Newsfile Corp. - February 10, 2020) - Regency Gold Corp. (TSXV: ...
About this update from Benton Resources, Inc.
[{"type":"text","content":"Regency Announces Update on $15 Million Subscription Receipt Financing and Reverse Takeover TransactionVancouver, British Columbia--(Newsfile Corp. - February 10, 2020) - Regency Gold Corp. (TSXV: RAU.H) (\"Regency\" or the \"Company\") is issuing this comprehensive news release to update and expand on its news release of January 10, 2020, regarding its definitive option agreement dated January 6, 2020, as amended January 27, 2020 (collectively, the \"Option Agreement\"), with Benton Resources Inc. (TSXV: BEX) (\"Benton\") in connection with the acquisition by the Company of, subject to the satisfaction of certain conditions precedent, an option to acquire a 100% right, title and interest in the Escape Lake Property (the \"Escape Lake Property\") and the right to acquire 100% of Panoramic Resources Inc.'s indirect subsidiary, Panoramic PGMs (Canada) Ltd. (the \"Pan Subsidiary\") which owns the Thunder Bay North Project (the \"TBN Project\") (the \"Transaction\"). The Escape Lake Property and the TBN Project are collectively referred to as, the \"TBN Property\".The Company is also pleased to announce that its previously announced private placement of subscription receipts (each, a \"Subscription Receipt\") led by Paradigm Capital Inc. and Sprott Capital Partners LP (the \"Co-Lead Agents\") on behalf of a syndicate of agents, including Red Cloud Securities and Mackie Research Capital Corporation (together with the Co-Lead Agents, the \"Agents\") is expected to close on or about February 11, 2020 (the \"Closing Date\"). The private placement is fully subscribed and the Company is expected to issue 75,000,000 Subscription Receipts for aggregate gross proceeds of $15,000,000 (the \"Offering\").The Transaction is an arm's-length transaction (as that term is defined in the policies of the TSX Venture Exchange (the \"TSXV\")) as Regency is not a related party (as such term is defined in the policies of the TSXV) to any of Benton, Panoramic Resources Inc. (\"PAN\"), or Rio Tinto Exploration Canada Inc. (\"RTEC\"). The PropertyThe TBN Property is located approximately 50km northeast of Thunder Bay within the Thunder Bay Mining Division in north-west Ontario, Canada, an emerging Ni-Cu-PGM province. The TBN Property currently comprises:TBN Project consists of 300 unpatented mining claims (1456 cell units) covering an aggregate area of appro...