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Benchmark Metals (TSXV:BNCH) announces private placement financing

Mining, The Market Online Deal Room
TSXV:BNCH
15 November 2021 11:00 (EDT)

Source: Benchmark Metals.

Benchmark Metals (BNCH) has announced a C$30 million bought-deal private placement.

The company will sell 10,000,000 units, 1,600,000 flow-through units and 12,680,000 charity flow-through units.

Each unit is priced at $1.00 and consists of one common share and one-half of one transferable common share purchase warrant.

Each flow-through unit is priced at $1.25 and consists of one flow-through common share and one-half of one non-flow-through warrant.

Each charity flow-through unit is priced at $1.42 and consists of one charity flow-through common share and one-half of one non-flow-through warrant.

Each warrant is exercisable into one common share priced at $1.55 for 24 months from the closing of the offering.

Benchmark will use the proceeds from unit sales to fund ongoing project development at its Lawyer’s Gold-Silver Project in BC, as well as for working capital and general corporate purposes.

It will use gross proceeds from flow-through units and charity flow-through units before 2023 to incur flow-through mining expenditures according to the Income Tax Act (Canada).

All qualifying expenditures will be renounced in favour of subscribers effective December 31, 2021.

The underwriters, led by PI Financial and Sprott Capital Partners LP, may increase the offering by up to 20 per cent on the same terms.

All units will be offered pursuant to exemptions from prospectus requirements to residents of B.C., Alberta, Saskatchewan and Ontario, as well as additional jurisdictions if agreed upon by the company and the underwriters.

The offering is expected to close on or about December 9, 2021.

Benchmark Metals is a Canadian-based gold and silver exploration company.

Benchmark (BNCH) is down by 5.66 per cent and is currently trading at $1.00 per share as of 9:44 am ET.

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