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Benz Successfully Completes C$12 Million Brokered Private Placement
HIGHLIGHTS C$11.9 million raised to accelerate critical mineral and gold exploration on e...
About this update from Benz Mining Corp.
[{"type":"text","content":"Benz Successfully Completes C$12 Million Brokered Private PlacementHIGHLIGHTSC$11.9 million raised to accelerate critical mineral and gold exploration on emerging greenstone belt Offer conducted at an average price of ~C$0.73 representing a 65% premium to Benz's last traded share price as of Thursday, 1 September (C$0.44) Exploration to commence immediately initially targeting critical metal mineralizationNew Mineral Resource for Eastmain Gold Project to be delivered in Q4 2022 following successful 2021 drill campaignToronto, Ontario--(Newsfile Corp. - September 6, 2022) - Benz Mining Corp. (TSXV: BZ) (ASX: BNZ) (the Company or Benz) is pleased to advise that it has received firm commitments to raise approximately C$11.9 million (before costs) via a strongly supported offer of fully paid ordinary Chess Depositary Interest (CDIs) to institutional, professional and sophisticated investors (the Offer) via a:placement of 11,875,130 CDIs at an average price of approximately C$0.84[1] per CDI (the Flow-Through CDIs), which will qualify as \"flow-through shares\" as defined in the Income Tax Act (Canada) (the Act) (Flow Through Share Placement), representing an approximately 90% premium to the last closing price of Benz shares on the TSXV on Thursday, 1 September 2022 of C$0.44; andhard dollar placement of 4,558,870 CDIs at an issue price of ~C$0.42 per CDI (A$0.48 per CDI) (Hard Placement), representing a 4.0% discount to the last closing price of Benz shares on TSX-V on Thursday, 1 September 2022.The total 16,434,000 CDIs issued under the Offer were issued at an average price of ~C$0.73 representing a 65% premium to Benz's last traded share price as of Thursday, 1 September (C$0.44).The Company was able to issue the Offer CDIs at an average premium as those CDIs issued under the Flow Through Share Placement portion of the Offer provide certain tax incentives to eligible investors under the Act for expenditures of the Company that qualify as flow-through mining expenditures under the Act.Commenting on the Offer, Benz Chairman, Evan Cranston, said:\"The strong support shown for this capital raising on such compelling terms is very pleasing. The next 6 months have the potential to be transformational for Benz as we release our new mineral resource for the Eastmain Project in Q4 2022 and embark on one of the largest drilling campaigns we...