Benton arranges premium priced Flow Through financing with Wealth (WCPD Inc)
Benton arranges premium priced Flow Through financing with Wealth (WCPD
Inc)
Thunder Bay, ON, December 18, 2024 – Benton Resources Inc. (“Benton” or the “Company”)
(TSXV: BEX) is pleased to announce that it has entered into an arrangement with Wealth (WCPD
Inc.) and several high net worth individuals (Back End Buyers) whereby WCPD will purchase
9,326,564 flow-through units (“FT Units”) at a purchase price of $0.11 per FT Unit for a total of
$1,025,922.
Each FT Unit consists of one flow-through common share of the Company and one half of a
common share purchase warrant (the “Warrants”), each full Warrant being exercisable at $0.11
for 3 years for an additional non-flow-through common share of the Company.
The Company will use an amount equal to the gross proceeds received by the Company from the
sale of the FT Units, pursuant to the provisions in the Income Tax Act (Canada), to incur eligible
“Canadian exploration expenses” that qualify as “flow-through mining expenditures” as both
terms are defined in the Income Tax Act (Canada) (the “Qualifying Expenditures”) on or before
December 31, 2025, and to renounce all the Qualifying Expenditures in favor of the subscribers
of the FT Units effective December 31, 2024.
The Company intends to use the gross proceeds from the sale of the FT Units for exploration
activities on the Company's Great Burnt Lake Copper property located in Central Newfoundland
to incur eligible Canadian exploration expenses, within the meaning of the ITA, that will qualify
for the federal 30-per-cent critical mineral exploration tax credit.
All securities issued pursuant to the Financing are subject to a four-month hold from the date of
issue. The private placement is subject to TSX Venture Exchange approval.
President and CEO Stephen Stares states “the Company continues to be excited about Great
Burnt and this funding allows us to continue advancing the project in a meaningful way. We look
forward to continuing our exciting work with our partner Homeland Nickel contributing 30% of
exploration cost.”
The Company wishes to clarify the Net Smelter Royalty (NSR) reference in its recent news release
dated November 28, 2024. It has come to the Company’s attention that 6 claim units (Claim
#023518M) of the 137 claims units optioned to the Company from Mr. Herb Froude has a
previously granted 2.5% NSR to underlying vendors. The Company has amended the option
agreement to reflect the said royalty and granted Mr. Froude a 0.25% royalty in addition to the
2.5% on the above claim 023518M which now carries 2.75% total NSR. All other terms remain
the same for the rest of the property under option from Mr. Froude.
About Benton Resources Inc.
Benton Resources is a well-financed mineral exploration company listed on the TSX Venture
Exchange under the symbol BEX. Following a project generation business model, Benton has a
diversified, highly prospective property portfolio of gold, silver, nickel, copper, platinum group
elements and, most recently, lithium and cesium assets. In addition, it currently holds large equity
positions in other mining companies that are advancing high-quality assets. Whenever possible,
BEX retains net smelter return (NSR) royalties with potential long-term cash flow.
On behalf of the Board of Directors of Benton Resources Inc.
On behalf of the Board of Directors,
"Stephen Stares"
Stephen Stares, President
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: [email protected]
Website: www.bentonresources.ca
Twitter: @BentonResources
Facebook: @BentonResourcesBEX
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY
FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
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."