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Benton Resources Corp. (BTC) Receives $2 Million at an Effective 200% Premium on Exercise of a Warrant by Stillwater Mining Company (SWC) to Continue With Exploration and Drilling on the Goodchild Ni-Cu-PGE Project
Benton Resources Corp. (BTC) Receives $2 Million at an Effective 200% Premium on Exercise of a Wa...
About this update from Silver Valley Metals Corp
[{"type":"text","content":"Benton Resources Corp. (BTC) Receives $2 Million at an Effective 200% Premium on Exercise of a Warrant by Stillwater Mining Company (SWC) to Continue With Exploration and Drilling on the Goodchild Ni-Cu-PGE Project\n\n\n\nBenton Resources Corp. (BTC) Receives $2 Million at an Effective 200% Premium on Exercise of a Warrant by Stillwater Mining Company (SWC) to Continue With Exploration and Drilling on the Goodchild Ni-Cu-PGE Project\n\nThunder Bay , Ontario CANADA, July 10, 2008 /FSC/ - Benton Resources Corp. (BTC - TSX Venture, BNRJF - OTCBB_Pink_Sheets), is pleased to announce that it has received $2 million on the exercise of a warrant by Stillwater Mining Company (\"SWC\") in accordance with the first anniversary requirements of the Participation Agreement (the \"Agreement\") dated July 10, 2007 between Benton and SWC whereby SWC has the exclusive right to earn up to an initial 50% interest in the Goodchild and South Goodchild Ni-Cu-PGE projects (collectively the \"Goodchild Project\"). Pursuant to the exercise of the warrant Benton issued 1,290,322 common shares to SWC at an effective exercise price of $1.55 representing a 200% premium to the current market. \n\nIn accordance with the Agreement to earn an initial 50% interest in the Goodchild Project SWC is required to complete three separate financings over three years into Benton in the aggregate amount of $6 million ($3 million of which must be spent on the Goodchild Project) as follows:\n\na) a $1.6 million private placement (of which $600,000 is to be spent on the Goodchild Project) at an issuance price of $1.24 per share, which was completed in July, 2007;\n\nb) a $2 million financing (of which $1 million is required to be spent on the Goodchild Project) pursuant to the exercise of a warrant issued pursuant to the Agreement and having an effective exercise price of $1.55 per share, which was completed on July 10, 2008; and\n\nc)\ta $2.4 million financing ( of which $1.4 million is required to be spent on the Goodchild Project) to be completed by July 10, 2009 pursuant to a warrant issued pursuant to the Agreement, such warrant to have an exercise price equal to a 50% premium to the trading price of Benton's shares at the time of exercise.\n\nUpon fulfilling the requirements to earn an initial 50% interest SWC and Benton shall form a 50/50 joint v...