- Benton Resources (TSXV:BEX) has successfully completed its previously announced private placement for gross proceeds of approximately C$1 million
- The company will issue five million flow-through shares at a price of 15 cents each, and 2.56 million non-flow-through units at a price of 13 cents each
- Each non-flow-through unit will be comprised of one common share and one common share purchase warrant, exercisable at 25 cents
- The proceeds will be used to fund various early-stage exploration projects in Ontario
- Benton Resources (BEX) is steady and is trading at 10 cents per share
Benton Resources (TSXV:BEX) has successfully completed its previously announced private placement for gross proceeds of approximately C$1 million.
Under the terms of the placement, the company will issue five million flow-through shares at a price of 15 cents each.
The company will also issue 2.56 million non-flow-through units at a price of 13 cents each. These non-flow-through units will be comprised of one common share in the capital of Benton Resources and one common share purchase warrant.
Each warrant will be exercisable at a price of 25 cents for a period of 24 months from the date of issuance.
Pursuant to the private placement, Benton will pay a finder’s fee in cash to certain parties as consideration for their services, along with a number of broker warrants.
The proceeds raised under the placement will be used to fund a number of early-stage exploration projects in Ontario, including the recently optioned Far Lake project. A portion will also be used for general working capital purposes.
Exploration activities at the Far Lake project are currently under way, part of which involves a heli-borne electromagnetic survey which was started on June 11 this year. The survey has been designed to identify conductive sulphide mineralisation on the project, as well as mid-continent rift-associated intrusions.
The results from this survey will be pivotal in determining exploration targets for the rest of this field season.
In addition, more than 700 soil samples and almost 140 chip samples have been sent off for multi-element analysis, while geological mapping over the whole project is continuing as planned.
Benton Resources (BEX) is steady and is trading at 10 cents per share at 2:20pm EDT.
