Business
Benchmark Announces Increase in Flow-Through Unit Offering up to $6.15 Million Including a Further Investment by Eric Sprott
Edmonton, Alberta--(Newsfile Corp. - December 16, 2019) - Benchmark Metals Inc. (TSXV: BNCH)...
About this update from Thesis Gold & Silver Inc.
[{"type":"text","content":"Benchmark Announces Increase in Flow-Through Unit Offering up to $6.15 Million Including a Further Investment by Eric SprottEdmonton, Alberta--(Newsfile Corp. - December 16, 2019) - Benchmark Metals Inc. (TSXV: BNCH) (OTCQB: CYRTF) (WKN: A2JM2X) (the \"Company\" or \"Benchmark\") - Further to the Company's press release dated December 4, 2019, the Company is pleased to announce that its best efforts brokered private placement has been increased from up to $5,000,000 ($5,750,000 assuming the exercise of an over-allotment option) to up to $6,153,000 (the \"Offering\"), or up to 13,673,334 units (the \"FT Units\") at an offering price of $0.45 per FT Unit. Each FT Unit will consist of one (1) flow-through common share of the Company (a \"FT Share\") and one-half (1/2) of a non flow-through 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 of the Company (\"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\"). It is contemplated that some or all of the Common Shares and Warrants comprising the FT Units will subsequently be resold or donated (the \"Resale Securities\") by subscribers of the FT Units under the Offering to purchasers arranged by the Agents (defined below). The Company has appointed Sprott Capital Partners LP to act as lead agent (the \"Lead Agent\") on its own behalf and on behalf of PI Financial Corp. as agents for the Offering (the \"Agents\").Mr. Eric Sprott, through 2176423 Ontario Ltd., a corporation that is beneficially owned by him, has agreed to purchase 2,260,000 Resale Securities of the Offering (comprised of 2,260,000 Common Shares and 1,130,000 Warrants).John Williamson, CEO of Benchmark, commented, \"We are very pleased that Mr. Sprott is continuing to invest in the Lawyers project and our management group. His belief in Benchmark and the junior mining sector in general is a strong endorsement of the opportunities available to investors at this time. With this placement, Benchmark will be able to pursue our target of 50,000 metres of drilling in 2020.\"The gross proceeds from the Offering will be used to finance further qualifying Canadian exploration expenditures on the Lawyers Proper...