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Benz Mining Corp. Announces Upsize to Previously Announced Private Placement of Flow Through Shares
Vancouver, British Columbia--(Newsfile Corp. - October 9, 2020) - Benz Mining Corp. (TSXV: BZ)...
About this update from Benz Mining Corp.
[{"type":"text","content":"Benz Mining Corp. Announces Upsize to Previously Announced Private Placement of Flow Through SharesVancouver, British Columbia--(Newsfile Corp. - October 9, 2020) - Benz Mining Corp. (TSXV: BZ) (the \"Company\" or \"Benz\"), is pleased to announce that it intends to upsize its previously announced non brokered private placement to an aggregate of up to 14,857,143 units on a flow through basis (up from 11,500,000 units) at a price of $0.875 per unit for gross proceeds of up to C$13,000,000.Each FT Unit will consist of one common share of the Company and 0.5 common share purchase warrant (a \"Warrant\"). Each Warrant will entitle the holder to acquire one non-flow through common share of the Company for two years from the closing of the Offering at a price of $1.00.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.In addition to the Offering of FT Units, the Company will also undertake a non-brokered private placement of up to 400,000 units (the \"Units\") at an issue price of $0.55 per Unit for gross proceeds of up to $220,000 (the \"Private Placement\"). Each Unit will consist of one common share of the Company and 0.5 common share purchase warrant which will entitle the holder to acquire one common share of the Company for two years from the closing of the Private Placement at a price of $1.00.About Benz Mining Corp.Benz Mining Corp. brings together a strong team of geoscientists 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 from Eastmain Resources Inc. in the former producing high grade Eastmain gold mine, Ruby Hill West and Ruby Hill East projects in Quebec.On behalf of the Board of Directors of Benz Mining Corp.Evan Cranston, Chairman of the BoardFor more information please contact:Paul Fowler, Head of Corporate Development, CanadaBenz Mining Corp.Telephone: 416.356.8165Email: [email protected] Information: Certain statements...