05:04:08 EST Wed 13 Nov 2024
Enter Symbol
or Name
USA
CA



Benton Resources Inc
Symbol BEX
Shares Issued 165,000,000
Close 2023-11-24 C$ 0.215
Market Cap C$ 35,475,000
Recent Sedar Documents

Benton arranges $1.56-million private placement

2023-11-27 13:20 ET - News Release

Mr. Stephen Stares reports

BENTON ANNOUNCES $1.56 MILLION NON-BROKERED PREMIUM FLOW-THROUGH FINANCING WITH INVESTMENT BY ERIC SPROTT

Subject to all regulatory approvals, Benton Resources Inc. has entered into an arrangement with Wealth Creation Preservation & Donation Inc. (WCPD) and investor Eric Sprott whereby WCPD will arrange for the subscription of 6.25 million charity flow-through units for 25 cents per FT unit for aggregate gross proceeds of $1,562,500. Each FT unit consists of one common share of the company and one-half of one common share purchase warrant, each warrant being exercisable for an additional common share of the company, each of which will not qualify as a flow-through share, at an exercise price of 25 cents for 36 months from the date of issue. The FT units will entitle the holder to receive the tax benefits applicable to flow-through shares, in accordance with provisions of the Income Tax Act (Canada).

Mr. Sprott, a long-time investor and largest shareholder of the company, will acquire the 6.25 million units pursuant to the private placement for total consideration of $1-million through 2176423 Ontario Ltd., a corporation beneficially owned by him.

The private placement is expected to close on or before Dec. 15, 2023.

Stephen Stares, president and chief executive officer of the company, stated: "Benton is very pleased to have Eric Sprott's continued support as our largest shareholder. Benton has been able to aggressively advance the Great Burnt copper-gold project and we believe that this project presents an incredible opportunity for advancement towards development. This private placement will fund Benton's remaining exploration commitment to vest its 70-per-cent ownership interest in Great Burnt. We look forward to continuing this exciting work."

All securities issued pursuant to the private placement will be subject to a four-month-and-a-day hold period.

In connection with the private placement, the company may pay finders' fees in cash or securities or a combination of both, as permitted by the policies of the TSX Venture Exchange. The private placement is subject to approval by the TSX Venture Exchange.

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 mining expenditures as both terms are defined in the Income Tax Act (Canada) on or before Dec. 31, 2024, and to renounce all the qualifying expenditures in favour of the subscribers of the FT units effective Dec. 31, 2023. The proceeds from the sale of the FT units will be used to advance Benton's various exploration projects.

About Benton Resources Inc.

Benton Resources is a well-financed mineral exploration company listed on the TSX Venture Exchange under the symbol BEX. Following a project generation business model, Benton has a diversified, highly prospective property portfolio of gold, silver, nickel, copper, platinum group elements, and, most recently, lithium and cesium assets. In addition, it currently holds large equity positions in other mining companies that are advancing high-quality assets. Whenever possible, Benton retains net smelter return (NSR) royalties with potential long-term cash flow.

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