- Benchmark Metals (BNCH) is set to extend its 2020 and 2021 drill programs with a private placement for up to C$48 million
- The company intends to issue 28.5 million units at a price of $1.30 each, 3,205,128 flow-through units at a price of $1.56 and 3,428,572 charity flow-through units at a price of $1.75
- The proceeds will be used to expand Benchmark’s 2020 drill program to 100,000 metres and its planned 2021 program to 200,000 metres
- A portion of the proceeds will also be used to fund a mineral resource estimate and a preliminary economic assessment next year
- Benchmark Metals (BNCH) is currently down 3.17 per cent and is trading at $1.22 per share
Benchmark Metals (BNCH) is set to extend its 2020 and 2021 drill programs with a private placement for up to C$48 million.
Under the terms of the offering, which was announced on August 18 and upsized on August 19, the company intends to issue 28,500,000 units at a price of $1.30 each for a total of up to $37,050,000.
In addition, Benchmark plans to issue 3,205,128 flow-through units at a price of $1.56 and 3,428,572 charity flow-through units at a price of $1.75 for gross proceeds of up to $5,000,000 and $6,000,001, respectively.
The proceeds will be used to expand the company’s current 2020 drill program to 100,000 metres, as well as for the installation of facilities for year-round work programs.
This is expected to accelerate the work currently underway at the Lawyer’s gold and silver project with a seamless schedule that will reduce the inherent stop and start times associated with seasonal financings and work periods.
Benchmark also intends to expand next year’s drill program to up to 200,000 metres, with a mineral resource update and preliminary economic assessment (PEA) planned for the first half of 2021.
John Williamson, CEO of Benchmark Metals, said the support for the financing is testament to the potential of the company’s Lawyer’s project.
“The keen interest and capital support from key institutional investors establishes Benchmark’s Lawyers gold-silver project as one of Canada’s leading exploration stories and illustrates its potential to deliver a quality mining asset.
“To that end, the company will plan and execute systematic work programs over the next two years to go beyond the PEA towards a feasibility study,” he added.
Benchmark Metals (BNCH) is currently down 3.17 per cent and is trading at $1.22 per share at 10:13am EDT.