Benton Announces $2.25 Million Private Placement, with Participation by Mr. Eric Sprott
Benton Announces $2.25 Million Private
Placement, with Participation by Mr. Eric
Sprott
Thunder Bay, Ontario--(Newsfile Corp. - May 14, 2021) - Benton Resources Inc. (TSXV: BEX)
("
Benton
" or the "
Company
"), is pleased to announce a non-brokered private placement offering (the
"
Private Placement
") for aggregate gross proceeds of up to $2,250,000 in flow-through units of the
Company (the "
FT
Units
") at a price of $0.20 per FT Unit. Mr. Eric Sprott has indicated his intention to
subscribe for $2,000,000 into the Private Placement.
Each FT Unit shall be comprised of one common share of the Company that will qualify as a "flow-
through share" within the meaning of subsection 66(15) of the Income Tax Act (Canada) (the "
Tax Act
")
(a "
FT
Common Share
") and one-half of one common share purchase warrant of the Company (each
whole warrant, a "
Warrant
"). Each Warrant shall entitle the holder thereof to purchase one additional
common share of the Company (a "
Warrant Share
") at an exercise price equal to $0.25 at any time up
to 36 months from closing of the Private Placement.
The gross proceeds from the sale of FT Units (other than the minimal amount allocable to the Warrants)
will be used for exploration expenses on the Company's mining projects as permitted under the Income
Tax Act (Canada) to qualify as Canadian Exploration Expenses ("
CEE
") as defined in the Tax Act.
The FT Common Shares and the Warrant Shares to be issued under the Offering will have a hold period
of four months and one day closing of the Private Placement.
In connection with the Private Placement, the Company will pay a finder's fee in units of the Company on
the same price and terms of the FT Units pursuant to the Private Placement and/or finder's warrants in
accordance with the policies of the TSX Venture Exchange.
The issuance of the FT Units and payment of the finder's fee is subject to certain conditions including, but
not limited to, the receipt of all necessary approvals including the approval of the TSX Venture
Exchange.
About Benton Resources Inc.
Benton Resources is a well-funded Canadian-based project generator with a diversified property
portfolio in Gold, Silver, Nickel, Copper, and Platinum group elements. Benton holds multiple high-grade
projects available for option which can be viewed on the Company's website. Most projects have an up-
to-date 43-101 Report available.
Parties interested in seeking more information about properties available for option can contact Mr.
Stares at the number below.
For further information, please contact:
Stephen Stares, President & CEO
Phone:
807-475-7474
Email:
CHF Capital Markets
Cathy Hume, CEO
Phone:
416-868-1079 x251
Email:
Website:
www.bentonresources.ca
Twitter:
@BentonResources
Facebook:
@BentonResourcesBEX
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The information contained herein contains "forward-looking statements" within the meaning of
applicable securities legislation. Forward-looking statements relate to information that is based on
assumptions of management, forecasts of future results, and estimates of amounts not yet
determinable. Any statements that express predictions, expectations, beliefs, plans, projections,
objectives, assumptions or future events or performance are not statements of historical fact and may
be "forward-looking statements."
Forward-looking statements are subject to a variety of risks and uncertainties which could cause
actual events or results to differ from those reflected in the forward-looking statements, including,
without limitation: risks related to failure to obtain adequate financing on a timely basis and on
acceptable terms; risks related to the outcome of legal proceedings; political and regulatory risks
associated with mining and exploration; risks related to the maintenance of stock exchange listings;
risks related to environmental regulation and liability; the potential for delays in exploration or
development activities or the completion of feasibility studies; the uncertainty of profitability; risks and
uncertainties relating to the interpretation of drill results, the geology, grade and continuity of mineral
deposits; risks related to the inherent uncertainty of production and cost estimates and the potential
for unexpected costs and expenses; results of prefeasibility and feasibility studies, and the possibility
that future exploration, development or mining results will not be consistent with the Company's
expectations; risks related to gold price and other commodity price fluctuations; and other risks and
uncertainties related to the Company's prospects, properties and business detailed elsewhere in the
Company's disclosure record. Should one or more of these risks and uncertainties materialize, or
should underlying assumptions prove incorrect, actual results may vary materially from those
described in forward-looking statements. Investors are cautioned against attributing undue certainty to
forward-looking statements. These forward looking statements are made as of the date hereof and the
Company does not assume any obligation to update or revise them to reflect new events or
circumstances. Actual events or results could differ materially from the Company's expectations or
projections.
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