Piedmont Lithium Exercises Initial Earn-In Right For Interest in Killick Lithium; Issues $1 Million in Shares Each to Benton and Sokoman
Piedmont Lithium Exercises Initial Earn-In
Right For Interest in Killick Lithium; Issues $1
Million in Shares Each to Benton and Sokoman
Thunder Bay, Ontario--(Newsfile Corp. - November 23, 2023) - Benton Resources Inc. (TSXV: BEX)
("
Benton
") and Sokoman Minerals Corp. (TSXV: SIC) (OTCQB: SICNF) ("
Sokoman
") are pleased to
announce that further to their respective press releases issued on October 11, 2023, Piedmont Lithium
Inc. (NASDAQ: PLL) (ASX: PLL) ("
Piedmont
") provided formal notice to exercise its Initial Earn-In Right
to acquire a 16.35% voting and participating interest in Killick Lithium Inc. ("
Killick
") (the "Initial
Interest").
Pursuant to this exercise notice, Piedmont issued to each of Benton and Sokoman, shares of
its common stock having an aggregate subscription price of CAD$2.0M based on Piedmont's ten-day
volume weighted average price ("
VWAP
") up to the date of the Initial Interest exercise notice, amounting
to 26,099 Piedmont shares issued to each company.
In addition, as part of its Initial Earn-In Right,
Piedmont will fund work expenditures in the aggregate amount of at least CAD$6.0M (the "
Initial
Earn-
In Amount
") within the 30-month period following the Initial Earn-In Right exercise notice. Upon exercise
of the Initial Earn-In Right by Piedmont, Piedmont's combined direct and indirect (through Vinland
Lithium Inc.) ownership interest in Killick will be equal to approximately 33%.
Piedmont transaction highlights:
Piedmont is one of North America's leading lithium companies
Newfoundland is ranked in the top jurisdictions to explore and develop mineral potential
Benton and Sokoman incorporated Vinland Lithium Inc. ("
Vinland
") and its wholly-owned
subsidiary Killick Lithium Inc. ("
Killick
"), into which they transferred the Golden Hope Project
Piedmont has vast technical and geological knowledge in similar geology to that of Killick
pegmatites
Piedmont financed Vinland CAD$2.0M @ CAD$1.00 per share to hold 19.9%
Piedmont will have the option to earn up to a 62.5% direct interest in Killick by spending an
aggregate CAD$12.0M in exploration and development during the option period
Upon Piedmont completing all earn-in options, Piedmont will have paid Benton and Sokoman up
to a total of CAD$10.0M in Piedmont shares
Benton and Sokoman to retain a 2% royalty on the net returns of precious metals and the value of
lithium received from Killick
Figure 1: Killick Lithium Project relative to Piedmont's asset portfolio
To view an enhanced version of this graphic, please visit:
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About Benton Resources Inc.
Benton Resources Inc. (TSXV: BEX) is a well-funded 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. Benton entered into a 50/50
strategic alliance with Sokoman Minerals Inc. (TSXV: SIC) through three large-scale joint-venture
properties including Grey River Gold, Golden Hope, and Kepenkeck in Newfoundland.
About Sokoman Minerals Corp.
Sokoman Minerals Corp. (TSXV: SIC) (OTCQB: SICNF) is a discovery-oriented company with projects
in Newfoundland and Labrador, Canada. The company's primary focus is its portfolio of gold projects:
flagship, 100%-owned Moosehead, Crippleback Lake (available for option) and East Alder (optioned to
Canterra Minerals Corporation) along the Central Newfoundland Gold Belt, and the district-scale Fleur
de Lys project near Baie Verte in northwestern Newfoundland, that is targeting Dalradian-type orogenic
gold mineralization similar to the Curraghinalt and Cavanacaw deposits in Northern Ireland, and
Cononish in Scotland. The company also entered into a strategic alliance with Benton Resources Inc.
through three large-scale joint-venture properties including Grey River Gold, Golden Hope, and
Kepenkeck in Newfoundland. Sokoman now controls independently and through the Benton alliance over
150,000 hectares (>6,000 claims - 1,500 sq. km), making it one of the largest landholders in
Newfoundland, Canada's newest and rapidly-emerging gold districts. The company also retains an
interest in an early-stage antimony/gold project (Startrek) in Newfoundland, optioned to Thunder Gold
Corp (formerly White Metal Resources Inc.), and in Labrador, Sokoman has a 100% interest in the Iron
Horse (Fe) project that has Direct Shipping Ore (DSO) potential.
For further information, please contact:
Benton Resources Inc.
Stephen Stares, President & CEO
Phone:
807-474-9020
Email:
Sokoman Minerals Corp.
Timothy Froude, P.Geo., President & CEO
Phone:
709-765-1726
Email:
Cathy Hume, VP Corporate Development, Director
Phone:
416-868-1079 ext 251
Email:
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 including statements regarding exploration and development
activities; plans for mineral projects; strategy; and expectations regarding future expenditures. Such
forward-looking statements involve substantial and known and unknown risks, uncertainties and other
risk factors, many of which are beyond our control, and which may cause actual timing of events,
results, performance or achievements and other factors to be materially different from the future timing
of events, results, performance or achievements expressed or implied by the forward-looking
statements. 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: political and regulatory risks associated with mining and exploration; the potential
for delays in exploration or development activities or the completion of feasibility studies; risks and
hazards inherent in the mining business (including risks inherent in exploring, developing,
constructing and operating mining projects, environmental hazards, industrial accidents, weather or
geologically related conditions the uncertainty of profitability); risks and uncertainties relating to the
interpretation of drill results, the geology, grade and continuity of mineral deposits; the uncertainties
inherent in exploratory, developmental and production activities, including risks relating to permitting,
zoning and regulatory delays; uncertainties inherent in the estimation of lithium resources; 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; changes in the market prices of
lithium and lithium products; and other risks and uncertainties related to Benton's and Sokoman's
respective prospects, properties and businesses detailed elsewhere in each of their respective
disclosure records. 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 Benton and
Sokoman do not assume any obligation to update or revise them to reflect new events or
circumstances. Actual events or results could differ materially from Benton's and Sokoman's
respective expectations or projections.
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