Business
Benz Mining Corp. Completes $3.6 Million Private Placement
Vancouver, British Columbia--(Newsfile Corp. - June 2, 2020) -  Benz Mining Corp. (TSXV: ...
About this update from Benz Mining Corp.
[{"type":"text","content":"Benz Mining Corp. Completes $3.6 Million Private PlacementVancouver, British Columbia--(Newsfile Corp. - June 2, 2020) -  Benz Mining Corp. (TSXV: BZ) (the \"Company\" or \"Benz\"), is pleased to announce that it has closed its previously announced non-brokered flow-through private placement (the \"Placement\") on May 7, 2020 and has issued 12,000,000 flow through units (each an \"FT Unit\") at a price of $0.30 per FT Unit, for gross proceeds of $3,600,000.Each FT Unit consists of one common share of the Company and one common share purchase warrant (a \"Warrant\"). Each Warrant entitles the holder to acquire one non-flow through common share of the Company at a price of $0.17 per common share until June 1, 2023.The gross proceeds from the Placement will be used to incur Canadian Exploration Expense (\"CEE\") that are \"flow-through mining expenditures\" ( as such terms are defined in the Income Tax Act (Canada) on the Company's Eastmain gold project in Quebec, by December 31, 2021 and renounce such expenditures to the subscribers effective December 31, 2020.All of the Shares issued pursuant to the Placement (including Warrant Shares issuable upon exercise of Warrants) are subject to a four-month hold period expiring October 2, 2020. Miloje Vicentijevic, President and CEO, commented, \"This financing enables Benz to achieve a number of key strategic milestones. To aggressively advance our high grade Eastmain gold project, to execute our full work commitment by the end of 2021 and to earn our 100% ownership sooner than anticipated.\"Finder's fees in the aggregate of $144,000 were paid and an aggregate of 1,440,000 Finder's compensation options were issued in conjunction with the Placement (each a \"Finder's Compensation Option\"). Each Finder's Compensation Option is exercisable at a price of $0.17 until June 1, 2023 and entitles the holder to purchase one Unit (comprised of one Share and one Warrant). Each Warrant received upon the exercise of a Finder's Compensation Option entitles the holder to purchase one Warrant Share at price of $0.17 per Warrant Share until June 1, 2023.Tectonic Advisory Partners (\"Tectonic\"), acted as advisor to Benz. Tectonic is a New York-based resource focused boutique banking group. Tectonic securities transactions are executed through Ecoban Securities Corporation.After giving effect to the P...