- Benchmark Metals (BNCH) has closed the first tranche of its brokered private placement for total gross proceeds of $18.6 million
- Under the first tranche, Benchmark issued a total of 26,520,000 units at $0.42 per unit and 15,592,700 flow-through units at $0.48 per FT unit
- The net proceeds raised from the units will be used to fund ongoing project development expenditures at the company’s Lawyers Gold-Silver Project and for working capital
- Benchmark Metals is a Canadian-based gold and silver exploration company
- Benchmark (BNCH) opened trading at C$0.32 per share
Benchmark Metals (BNCH) has closed the first tranche of the previously announced brokered private placement for total gross proceeds of $18.6 million.
The second tranche will close on or about October 14, 2022.
Under the first tranche, Benchmark issued a total of 26,520,000 units at $0.42 per unit and 15,592,700 flow-through units at $0.48 per FT unit.
This includes 4,420,000 units issued in connection with the partial exercise of the Agents’ over-allotment option.
Each unit consists of one common share and one-half of one transferable common share purchase warrant. Each FT unit consists of one common share issued as a “flow-through share” as defined in the Income Tax Act (Canada) and one-half (1/2) of one share purchase warrant. Each whole warrant may be exercised to acquire one additional common share until September 29, 2024.
All securities issued are subject to a statutory four-month hold period until January 30, 2023.
The net proceeds raised from the units will be used to fund ongoing project development expenditures at the company’s Lawyers Gold-Silver Project and for working capital and general corporate purposes.
The gross proceeds from the sale of the FT Units will be used to incur eligible “Canadian exploration expenses” related to the company’s projects in Canada.
The agents received compensation of 6 per cent of the aggregate gross proceeds of the first tranche of the offering and were issued 2,526,762 compensation options.
Benchmark Metals is a Canadian-based gold and silver exploration company.
Benchmark (BNCH) opened trading at C$0.32 per share.