Business
Benton Resources Corp. Closes $15 Million Bought Deal Private Placement
Benton Resources Corp. Closes $15 Million Bought Deal Private Placement.
About this update from Silver Valley Metals Corp
[{"type":"text","content":"\n\n\n\nTORONTO, Oct. 17 /CNW/ - Benton Resources Corp. (the "Company")\n(TSX VENTURE:BTC) is pleased to announce that it has closed the previously\nannounced private placement (the "Offering") of units (the "Units") and flow\nthrough shares (the "Flow Through Shares") underwritten by a syndicate of\nunderwriters led by Westwind Partners Inc. and including P.I Financial Corp.,\nFirst Canadian Capital Markets Limited and M Partners (the "Underwriters").\nThe Offering consisted of 9,600,000 Units priced at $1.25 and 2,070,000 Flow\nThrough Shares priced at $1.45 for aggregate gross proceeds of $15,001,500.\nEach Unit consists of one common share and one common share purchase warrant,\nwith each warrant entitling the holder to purchase one additional common share\nof Benton Resources Corp. at a price of C$1.60 for 18 months from the closing\ndate.\n\n\nIn connection with the closing today, the Company also issued to the\nUnderwriters as partial consideration an aggregate of 816,900 compensation\nwarrants, each such compensation warrant entitling the holder thereof to\nacquire one common share of the Company at a price of $1.25 until April 16,\n2009.\n\n\nThe common shares and common share purchase warrants comprising the Units\nand the Flow Through Shares have a hold period expiring on February 17, 2008.\nBenton Resources Corp. plans to use the net proceeds from the sale of the\nUnits for exploration and general corporate purposes. The proceeds from the\nsale of the Flow-Through Shares will be used for general exploration\nexpenditures, which will constitute Canadian exploration expenses (as defined\nin the Income Tax Act) and will be renounced for the 2007 taxation year.\n\n\nCompletion of the financing remains subject to the final approval of the\nTSX Venture Exchange.\n\n\nThe securities being offered have not, nor will they be registered under\nthe United States Securities Act of 1933, as amended, and may not be offered\nor sold within the United States or to, or for the account or benefit of, U.S.\npersons absent U.S. registration or an applicable exemption from the U.S.\nregistration requirements. This release does not constitute an offer for sale\nof securities in the United States.\n\n\nThe TSX Venture Exchange has not reviewed and does not accept\n\n\nresponsibility for the...