- Benton (BEX) has announced a C$2.4M non-brokered private placement
- The placement includes participation from Eric Sprott, who will become Benton’s largest shareholder
- The company will use the proceeds for working capital, to advance various exploration projects and/or for flow-through mining expenditures
- Benton Resources is a mineral project generator focused on gold, silver, nickel, copper, lithium and platinum group elements
- Benton (BEX) closed up by 3.03 per cent trading at $0.17 per share
Benton (BEX) has announced a C$2.4M non-brokered private placement.
It will issue up to 6.25M flow-through units priced at $0.2275 for gross proceeds of $1,421,875.
Each flow-through unit consists of one common share and one common share purchase warrant.
Each warrant is exercisable for one non-flow-through common share priced at $0.20 for 24 months from the date of issue.
The flow-through units entitle the holders to receive tax benefits in accordance with the Income Tax Act of Canada.
Benton will also issue up to 6.25M non-flow-through units priced at $0.16 for gross proceeds of $1M.
Each unit consists of one common share and one warrant.
Each warrant is exercisable for one common share priced at $0.20 for 24 months from the date of issue.
Eric Sprott intends to acquire 12.5M shares and 12.5M warrants and become Benton’s largest shareholder.
The company will use gross proceeds from flow-through units to incur flow-through mining expenditures according to the Income Tax Act of Canada.
It will incur these expenditures before December 31, 2023, and renounce them in favour of subscribers effective December 31, 2022.
It will use non-flow-through unit proceeds for working capital and to advance various exploration projects.
The company expects the placement to close on or before March 25, 2022.
Benton Resources is a mineral project generator focused on gold, silver, nickel, copper, lithium and platinum group elements.
Benton (BEX) closed up by 3.03 per cent trading at $0.17 per share.
