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Benchmark Announces Closing of Unit Offering and Flow-Through Share Offering Including a $4.0 Million Investment by Eric Sprott
Edmonton, Alberta--(Newsfile Corp. - September 27, 2019) - Benchmark Metals Inc. (TSXV: BNCH...
About this update from Thesis Gold & Silver Inc.
[{"type":"text","content":"Benchmark Announces Closing of Unit Offering and Flow-Through Share Offering Including a $4.0 Million Investment by Eric SprottEdmonton, Alberta--(Newsfile Corp. - September 27, 2019) - Benchmark Metals Inc. (TSXV: BNCH) (OTCQB: CYRTF) (WKN: A2JM2X) (the \"Company\" or \"Benchmark\") is pleased to announce that it has closed the first tranche of its previously announced private placement (the \"Offering\") of flow-through shares (the \"FT Shares\") and units (the \"Units\") by multiple closings on September 23rd and 27th, 2019, non-brokered and brokered, respectively. A total of 1,407,500 FT Shares were sold at an offering price of $0.40 per FT Share and 18,333,334 Units were sold at an offering price of $0.30 per Unit to raise aggregate gross proceeds to the Company of $6,063,000.20. The Company expects to close the remaining 3,592,500 FT Shares for gross proceeds of $1,437,000 in October 2019 to complete the Offering. 1,407,500 FT Shares and 15,858,334 Units were issued pursuant to the brokered portion of the Offering, raising gross proceeds of $5,320,500.20. Each Unit under the brokered portion of the Offering consisted of one (1) common share of the Company (a \"Share\") and one-half (1/2) of a non-transferable Share purchase warrant (a \"Warrant\"). Each whole Warrant is exercisable to purchase one (1) additional Share at an exercise price of $0.40 per Share until September 27, 2021. The first tranche of the brokered Offering was completed pursuant to an agency agreement dated September 27, 2019 between the Company, and Sprott Capital Partners LP as lead agent (the \"Lead Agent\") and PI Financial Corp. (collectively with the Lead Agent, the \"Agents\"). The Company paid a cash commission to the Agents of 6.0% of the gross proceeds raised and issued 1,035,950 non-transferable Share purchase warrants (the \"Agents' Warrants\") exercisable to purchase up to 1,035,950 Shares at $0.30 per Share until September 27, 2021.Mr. Eric Sprott, through 2176423 Ontario Ltd., a corporation that is beneficially owned by him, acquired 13,333,334 Units pursuant to the Offering for total consideration of $4,000,000.20. Prior to the Offering, Mr. Sprott did not own or control any Shares. As a result of the Offering, Mr. Sprott beneficially owns or controls 13,333,334 Shares and 6,666,667 Warrants of the Company representing approximately 14.7%...