Benton Resources Inc. Reschedules Meeting, Files Amended Meeting Materials
Benton Resources Inc. Reschedules Meeting, Files Amended Meeting Materials
Thunder Bay, ON, February 11, 2025 – Benton Resources Inc. (“Benton” or the “Company”) (TSXV: BEX)
announces that, further to its November 25, 2024 news release, and as a result of the Canada Post Strike, it has
filed AMENDED Management Proxy Materials under its profile on SEDARPLUS.CA for its annual and
special meeting of shareholders (the “Meeting”). The Meeting is set to be held March 21, 2025 in Vancouver,
BC. At the Meeting Benton shareholders will be asked to approve a special resolution (two-thirds of votes
cast) to reorganize Benton’s share capital to facilitate a spin-out to shareholders of approximately 2 million of
Benton’s 4 million shares of Vinland Lithium Inc. (“Vinland”). Vinland holds the Killick lithium project and is
currently owned by Benton (40%), Sokoman Minerals Corp. (40%), and Piedmont Lithium Newfoundland
Holdings LLC (“Piedmont”), a wholly owned subsidiary of NASDAQ listed Piedmont Lithium Inc., (20%).
Sokoman will concurrently seek approval of its shareholders for a similar 2 million share spin-out. Subject to
the two spin-outs completing, the TSX Venture Exchange has conditionally agreed to list the approximately 10
million issued shares of Vinland of which approximately 40% will be in the hands of Benton and Sokoman
shareholders.
The record date for voting at the meeting is January 20, 2025; however, the record date for participation in the
spin-out will be determined only after shareholders approve the special spinout resolution. The record date for
participating in the spinout will be reflected in a notice bulletin issued by the TSX Venture Exchange when it
sets the spinout ex-participation trading date for Benton shares.
The spinouts will be substantially pro rata to Benton and Sokoman shareholders however the exact ratio of
Vinland shares per Benton shares will be determined prior to completion in March, 2025. The exchange ratio
is dependent on the number of Benton shares issued at the time of completion. The ratio is expected to be
approximately 50 Vinland shares per 5,000 Benton shares. Accounts holding less than 5,000 Benton shares
(having an approximate $400 market value) will not receive Vinland shares as the immediate and ongoing
administration and compliance costs for very small odd-lot Vinland shareholders would be prohibitive.
Some of the key points for shareholders are as follows:
• The Killick Lithium Project holds excellent discovery potential in a newly discovered lithium belt
• Piedmont, a wholly owned subsidiary of NASDAQ listed Piedmont Lithium Inc., completed a 2023
financing in Vinland of CAD$2.0M @ CAD$1.00 per share to hold 19.9%
• Piedmont Lithium Inc.is one of North America’s leading lithium companies
• Newfoundland is ranked as one of the top jurisdictions to explore and develop mineral potential
• Piedmont Lithium Inc. has vast technical and geological knowledge in similar geology to that of Kraken
pegmatites
• Vinland holds indirectly, through its subsidiary Killick Lithium Inc., a 100% interest in the Killick
Lithium Project
• Piedmont will have the option to earn up to a 62.5% direct interest in Killick Lithium Inc. by spending
CAD$12.0M in exploration and development during the period of the option
• Upon Piedmont completing all earn-in options Piedmont/Piedmont Lithium Inc. will have paid
Benton and Sokoman a total of CAD$10.0M in Piedmont Lithium Inc. shares in addition to having
funded all the Vinland exploration and development costs
• Benton and Sokoman to collectively retain a 2% NSR on the Killick project
In addition to the spin-out resolution, Benton shareholders who attend the Meeting will attend to annual
matters including consideration of Benton’s June 30, 2024 audited financial statements and the election of
directors and appointment of auditors.
Full details of the spin-out and the other annual matters are contained in a management information circular
dated February 4, 2025, and filed under the Company’s profile on sedarplus.ca. This circular contains detailed
information on Vinland as a stand-alone company. The completion of the spinout remains uncertain at this
time.
QP
Stephen House (P.Geo.), Vice President of Exploration for Benton Resources Inc., the ‘Qualified Person’ under
National Instrument 43-101, has approved the scientific and technical disclosure in this news release and
prepared or supervised its preparation.
About Benton Resources Inc.
Benton Resources is a well-financed mineral exploration company listed on the TSX Venture Exchange under
the symbol BEX. Benton has a diversified, highly prospective property portfolio and holds large equity
positions in other mining companies that are advancing high-quality assets. Whenever possible, BEX retains
net smelter return (NSR) royalties with the potential for long-term cash flow.
Benton is focused on advancing its high-grade Copper-Gold Great Burnt Project in central Newfoundland,
which has a Mineral Resource estimate of 667,000 tonnes @ 3.21% Cu Indicated and 482,000 @ 2.35% Cu
Inferred. The Project has an excellent geological setting covering 25km of strike and boasts six known Cu-Au-
Ag zones over 15km that are all open for expansion. Further potential for discovery is excellent given the
extensive number of untested geophysical targets and Cu-Au soil anomalies. Phase 1 and 2 drill programs
returned impressive results including 25.42 m of 5.51% Cu, including 9.78 m of 8.31% Cu, and 1.00 m of
12.70% Cu.
On behalf of the Board of Directors of Benton Resources Inc.,
"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: 807-474-9020
Email: [email protected]
Nick Konkin, Investor Relations
Phone: 647-249-9298 ext. 322
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."
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; and other risks and uncertainties
related to the Company's prospects, properties and business detailed elsewhere in the Company's disclosure record. 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.