- Benchmark Metals (BNCH) has upsized its brokered private placement for gross proceeds of up to $17.3 million
- The offering will now consist of up to 22,100,000 units units for $0.42 per unit and up to 16,700,000 flow-through units for $0.48 per FT unit
- The net proceeds raised will be used to fund ongoing project development expenditures at the company’s Lawyer’s Gold-Silver Project
- The offering is expected to close on or about September 29, 2022
- Benchmark Metals is a Canadian-based gold and silver exploration company
- Benchmark (BNCH) opened trading at C$0.38 per share
Benchmark Metals (BNCH) has upsized its previously announced brokered private placement to $17.3 million.
If the agents’ over-allotment option is fully exercised, the total gross proceeds of the offering will be $20.7 million.
The offering will now consist of up to 22,100,000 units for $0.42 per unit and up to 16,700,000 flow-through units for C$0.48 per FT unit.
Each unit and FT unit shall consist of one common share and one-half of one transferable common share purchase warrant. Each whole warrant may be exercised to acquire one additional common share for two years at an exercise price of $0.65.
The company has also granted the agents an over-allotment option, allowing the agents to offer up to an additional 20 per cent of the offering.
Benchmark has agreed to pay the agents a six per cent cash commission and issue non-transferable warrants equal to six per cent of the total number of securities issued under the offering.
The net proceeds raised will be used to fund ongoing project development expenditures at the company’s Lawyer’s Gold-Silver Project, and for working capital and general corporate purposes.
The offering is expected to close on or about September 29, 2022.
All securities issued will be subject to a statutory four-month hold period.
Benchmark Metals is a Canadian-based gold and silver exploration company.
Benchmark (BNCH) opened trading at C$0.38 per share.