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Benchmark Announces $5.5 Million Unit Offering and $2.0 Million Flow-Through Share Offering Including a $4.0 Million Investment by Eric Sprott
Edmonton, Alberta--(Newsfile Corp. - September 5, 2019) - Benchmark Metals Inc. (TSXV: BNCH)...
About this update from Thesis Gold & Silver Inc.
[{"type":"text","content":"Benchmark Announces $5.5 Million Unit Offering and $2.0 Million Flow-Through Share Offering Including a $4.0 Million Investment by Eric SprottEdmonton, Alberta--(Newsfile Corp. - September 5, 2019) - Benchmark Metals Inc. (TSXV: BNCH) (OTCQB: CYRTF) (WKN: A2JM2X) (the \"Company\" or \"Benchmark\") - is pleased to announce that it has entered into an agreement with Sprott Capital Partners LP to act as lead agent (the \"Lead Agent\") on its own behalf and, if applicable, on behalf of a syndicate of agents (collectively with the Lead Agent, the \"Agents\"), in connection with a best efforts brokered private placement to raise gross proceeds of up to $7,500,000 (the \"Offering\").The Offering will consist of a combination of: (a) up to 18,333,334 units (the \"Units\") at an offering price of $0.30 per Unit, to raise gross proceeds of up to $5.5 million (the \"Unit Offering\"), and (b) up to 5,000,000 flow-through shares (the \"FT Shares\") at an offering price of $0.40 per FT Share, to raise an additional $2.0 million (the \"FT Share Offering\"). Each Unit will consist of one (1) common share of the Company (a \"Common Share\") and one-half (1/2) of a common share purchase warrant (each whole common share purchase warrant, a \"Warrant\"). Each whole Warrant will be exercisable to acquire one (1) additional Common Share at an exercise price of $0.40 per Common Share for a period of two (2) years from the date of closing of the Offering (the \"Closing Date\"). Mr. Eric Sprott has agreed to purchase 13,333,334 Units of the Unit Offering, which will result in Mr. Sprott holding approximately 14.3% of Benchmark's issued and outstanding Common Shares, based upon the current 70,105,054 Common Shares outstanding and assuming the Offering is fully subscribed, and 6,666,666 Warrants. Upon closing the maximum Offering, if Mr. Sprott were to exercise all of his Warrants, he would hold a 19.98% ownership position in Benchmark on a partially diluted basis.The net proceeds from the Unit Offering will be used to finance further exploration expenditures on the Lawyers Property, B.C., and to provide the Company with working capital for general and administrative expenses. The gross proceeds from the FT Share Offering will be used to finance further qualifying Canadian exploration expenditures by no later than December 31, 2020 on the Lawyers Property...