- Benchmark Metals (BNCH) has raised almost C$50.3 million in a financing to fast-track its Lawyers Project to a production decision in 2022
- The financing was completed in three separate tranches and ranks among the ten largest to have occurred on the TSX Venture Exchange so far this year
- Benchmark will now be able to ramp up work at the Lawyers Project, having eliminated the stop-start nature of seasonal capital raises and work programs
- The company also noted its commencement of trading on the OTCQX Best Market under the symbol ‘BNCHF’
- Benchmark Metals (BNCH) is currently down 6.92 per cent to $1.21 per share at 2:02pm EDT
Benchmark Metals (BNCH) has raised almost C$50.3 million in a financing to fast-track its Lawyers Project to a production decision in 2022.
The financing was completed in three separate tranches, and ranks as one of the ten largest to have occurred on the TSX Venture Exchange so far this year.
Under the first tranche, which closed on September 18, the company issued 16,260,847 hard dollar units at a price of $1.30 each, along with 2,585,500 flow-through A units at $1.56 each and 9,305,040 flow-through B units at $1.75 each, collectively generating almost $41.5 million.
In a second tranche, which closed on September 25, Benchmark issued 2,000,000 hard dollar units at a price of $1.30 each and 1,161,128 flow-through A units at $1.56 for a total of almost $4.5 million.
The final tranche, which closed today, included a further 3,384,615 hard dollar units at $1.30 each for a total of $4.4 million.
John Williamson, CEO of Benchmark Metals, said the financing drew support from a number of prominent new and existing investors, including several major institutions.
“This week, Benchmark also graduated to the OTCQX Best Market where we began trading under the symbol ‘BNCHF’.
“These are important milestones for the company as we continue to build broader visibility for the Lawyers gold-silver project and our team,” he added.
With the financing now complete, Benchmark will be able to ramp up its work at the Lawyers Project by avoiding the stop-start nature of seasonal capital raises and work programs.
Among a number of objectives, the company intends to install facilities for year-round work programs and complete up to 100,000 metres of drilling.
In 2021, this work will be expanded to include a mineral resource estimate in the first quarter of the year and a preliminary economic assessment in the second, as well as additional drilling programs.
Benchmark Metals (BNCH) is currently down 6.92 per cent to $1.21 per share at 2:02pm EDT.