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Benz Mining Corp. Announces C$3.6 Million Non-Brokered Private Placement
Vancouver, British Columbia--(Newsfile Corp. - May 7, 2020) - Benz Mining Corp. (TSXV: BZ) (th...
About this update from Benz Mining Corp.
[{"type":"text","content":"Benz Mining Corp. Announces C$3.6 Million Non-Brokered Private PlacementVancouver, British Columbia--(Newsfile Corp. - May 7, 2020) - Benz Mining Corp. (TSXV: BZ) (the \"Company\" or \"Benz\") is pleased to announce a non-brokered private placement of up to 12,000,000 units issued on a flow-through basis (the \"FT Units\") at a price of $0.30 per Unit for gross proceeds of up to C$3,600,000 (the \"Offering\").Each FT Unit will consist of one common share of the Company and one common share purchase warrant (a \"Warrant\"). Each Warrant will entitle the holder to acquire one non-flow through common share of the Company for three years from the closing of the Offering (the \"Closing\") at a price of $0.17.The gross proceeds received by the Company from the sale of the FT Units will be used to incur Canadian Exploration Expenses (\"CEE\") that are \"flow-through mining expenditures\" (as such terms are defined in the Income Tax Act (Canada)) on the Company's properties in Québec, by December 31st 2021 and renounce such expenditures to the subscribers effective December 31, 2020.The Offering is scheduled to close on or about May 28, 2020 and is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory and other approvals including the approval of the TSX Venture Exchange (the \"Exchange\").This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the \"U.S. Securities Act\"), or any state securities laws and may not be offered or sold within the United States or to or for the account or benefit of a U.S. person (as defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.About Benz Mining Corp.Benz Mining Corp. brings together a veteran team of engineers, geophysicists, geologists, and finance professionals with a focused strategy to acquire and develop mineral projects with an emphasis on safe, low risk jurisdictions favorable to mining development. Benz is earning a 100% interest in the former producing high grade Eastmain gold mine, Ruby Hill West and Ruby Hi...