Business
Benz Announces Closing Tranche 1 of A$30M Financing
Vancouver, British Columbia--(Newsfile Corp. - August 20, 2025) - Benz Mining Corp. (TSXV: BZ) (A...
About this update from Benz Mining Corp.
[{"type":"text","content":"Benz Announces Closing Tranche 1 of A$30M FinancingVancouver, British Columbia--(Newsfile Corp. - August 20, 2025) - Benz Mining Corp. (TSXV: BZ) (ASX: BNZ) (Benz or the Company) is pleased to advise that, further to its announcement dated August 12, 2025 in relation to the private placement for 30,456,853 new fully paid CHESS Depositary Interests (CDIs) in the Company at an issue price of A$0.985 (C$0.8846) per CDI to raise approximately A$30,000,000 (C$26,943,000) (before costs) (Placement), it has successfully completed Tranche 1 of the Placement. Each CDI represents one underlying common share in the Company on a one for one basis.Tranche 1 of the Placement consisted of 30,406,091 CDIs at a price of A$0.985 per CDI to raise A$29,950,000 (C$26,898,095) (before costs) (Tranche 1 Placement). Tranche 2 of the Placement, which will be placed to Mr. Jolly, a Director of Benz, subject to shareholder approval to be sought at an annual general and special meeting of the Company's shareholders in due course, consists of an additional 50,762 CDIs at a price of A$0.985 per CDI to raise an additional A$50,000 (C$44,905) (before costs) (Tranche 2 Placement). The participation by Mr. Jolly in the Tranche 2 Placement is considered a \"related party transaction\" as defined under Multilateral Instrument 61-101- Protection of Minority Security Holders in Special Transactions (\"MI 61-101\"). The Tranche 2 Placement is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as neither the fair market value of any CDIs issued to or the consideration paid by Mr. Jolly exceeds 25% of the Company's market capitalization.Net proceeds from the Placement will be primarily applied towards:Glenburgh Gold Project (WA): Increasing drilling capacity to four rigs to accelerate testing of the emerging bulk-tonnage gold system at the Icon deposit, the high-grade Zone 126 trend, and other priority targets.Geological modelling, including detailed televiewer interpretation, to deliver a resource model that honours Glenburgh's folded and metamorphosed geometry.Progress towards an updated Mineral Resource Estimate once the majority of planned drilling is complete, ensuring it reflects the full scale of the Project's potential.Mt Egerton Gold Project (WA): Exploration targeting high-grade near-surface mineralisation through RC ...