Business
Benton Closes Private Placement
Thunder Bay, Ontario--(Newsfile Corp. - May 19, 2026) - Benton Resources Inc. (TSXV: BEX) ("Benton" or the "Company") announces that, further to its April 9,
About this update from Benton Resources, Inc.
[{"type":"text","content":"Thunder Bay, Ontario--(Newsfile Corp. - May 19, 2026) - Benton Resources Inc. (TSXV: BEX) (\"Benton\" or the \"Company\") announces that, further to its April 9, 2026 and May 5, 2026 news releases, it has filed for final approval of its non-brokered private placement financing for aggregate gross proceeds of $1,468,000 on the issuance of 18,350,000 $0.08 flow-through units (\"FT Units\"), in two (2) tranches. Each FT Unit consists of one flow-through common share (the \"FT Shares\") and one-half of a non-flow through common share purchase warrant (the \"FT Warrants\"). Each whole FT Warrant will entitle the holder to purchase one additional non-flow through common share of the Company at an exercise price of $0.12 per common share for a period of 24 months from the date of issue. The FT Shares will entitle the holder to receive the tax benefits applicable to flow-through shares, in accordance with provisions of the Income Tax Act (Canada).In connection with the private placement, the Company has paid $70,140 in cash finders' fees as issued 806,250 non-transferable broker warrants exercisable at $0.12 per common share for a period of 24 months from the date of issue. All securities issued pursuant to the Financing will be subject to a four-month hold period. The Company will use an amount equal to the gross proceeds received by the Company from the sale of the FT Units, pursuant to the provisions in the Income Tax Act (Canada), to incur eligible \"Canadian exploration expenses\" that qualify as \"flow-through critical mineral mining expenditures\" as both terms are defined in the Income Tax Act (Canada) (the \"Qualifying Expenditures\") on or before December 31, 2027, and to renounce all the Qualifying Expenditures in favour of the subscribers of the FT Units effective December 31, 2026. The Financing was effected with 4 insiders of the Company subscribing for $45,000 - 562,500 FT Units - that portion of the Financing a \"related party transaction\" as such term is defined under Multilateral Instrument 61- 101 - Protection of Minority Security Holders in Special Transactions (\"MI 61-101\"). The Company is relying on exemptions from the formal valuation and minority approval requirements set out in MI 61-101. The Company is exempt from the formal valuation requirement of MI 61-101 under sections 5.5(a) and (b) of MI 61-...