Benton announces flow through financing

About this update from Silver Valley Metals Corp

[{"type":"text","content":"\n\n\n\nTHUNDER BAY, ON, Aug. 14 /CNW/ - Benton Resources Corp (BTC: TSX.V,\n"Benton" or ("the Company") is pleased to announce that it has increased its\nrecently announced (P.R August 12, 2009) non-brokered financing to issue up to\nC$2,300,000 in flow-through shares up to C$2,600,000. The private placement\nwill consist now of a maximum of 5,200,000 flow-through shares issued at a\nprice of $0.50 per share.\n\n\nThe private placement is expected to close before August 21, 2009, and is\nsubject to regulatory approvals. The securities issued under this private\nplacement are subject to a four month hold period from the closing date.\n\n\nA cash finders' fee equal to 6.0% of the gross proceeds raised in the\nagreement will be paid by the Company. As additional consideration, the finder\nwill be issued Warrants exercisable for that number of common shares of the\nCorporation equal in number to 6% of the number of Flow-Through Shares sold\nunder the agreement. The Warrants will be exercisable at a price of $0.50 per\ncommon share for a period of 18 months after the Closing Date.\n\n\nThe proceeds of the Offering will be used for upcoming diamond drill\nprograms on the Company's Copper Hill Block A and Saganaga gold properties.\n\n\nClinton Barr (P.Geo.), V.P. Exploration for Benton Resources Corp., is\nthe qualified person responsible for this release.\n\n\n\nOn behalf of the Board of Directors of Benton Resources Corp.,\n\n"Stephen Stares"\nStephen Stares, President\n\nTHE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT\nRESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.\n\n\nForward-looking statements in this release are made pursuant to the safe\nharbor provisions of the Private Securities Litigation Reform act of 1995.\nInvestors are cautioned that such forward-looking statements involve risks and\nuncertainties.\n\n\n","length":1977,"tagName":"div"}]

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