Benz Announces Closing Final Tranche of A$13.5M Financing
Benz Announces Closing Final Tranche of
A$13.5M Financing
Vancouver, British Columbia--(Newsfile Corp. - July 24, 2025) - Benz Mining Corp. (TSXV: BZ) (ASX:
BNZ) (
Benz
or the
Company
) is pleased to advise that, further to its announcements dated April 15,
2025 and April 27, 2025, in relation to the private placement for 33,750,750 new fully paid CHESS
Depositary Interests (
CDIs
) in the Company at an issue price of A$0.40 (C$0.35452) per CDI to raise
A$13,500,300 (C$11,965,315.89) (before costs) (
Placement
), it has successfully completed Tranche 2
of the Placement (
Tranche 2
Placement
), being the final tranche of the Placement. As previously
announced, Tranche 1 of the Placement consisted of 28,722,000 CDIs at a price of A$0.40 per CDI to
raise A$11,488,800 (C$10,182,523.44) (before costs) and was completed on April 27, 2025 (
Tranche
1
Placement
). Each CDI represents one underlying common share in the Company on a one for one
basis. All of the securities issued in connection with the Placement are subject to a statutory hold period
in Canada of four months and one day from the date of their issuance.
Under the Tranche 2 Placement, which received shareholder approval at the special meeting of the
Company's shareholders held on June 27, 2025 (AWST), Spartan Resources Limited (
Spartan
)
subscribed for 5,028,750 CDIs at a price of A$0.40 per CDI to raise A$2,011,500 (C$1,782,792.45)
(before costs). Accordingly, Spartan has maintained its~14.91% shareholding in the Company. The
participation by Spartan in the Placement is a "related party transaction" as defined under Multilateral
Instrument 61-101-
Protection of Minority Security Holders in Special Transactions
("
MI 61-101
"). The
Placement is exempt from the formal valuation and minority shareholder approval requirements of MI 61-
101 as neither the fair market value of any CDIs issued to or the consideration paid by Spartan exceeds
25% of the Company's market capitalization.
As previously announced, net proceeds from the Placement will be primarily used to accelerate
exploration activities at Benz's 100% owned Glenburgh Gold Project, including follow-up RC and
diamond drilling programs to test high-grade extensions at Zone 126 and other high priority targets,
geological modelling, and associated fieldwork, as well as for the commencement of exploration
activities at the Egerton Gold Project, including targeting high-grade near-surface mineralisation with RC
drilling, mapping, and geochemical surveys to refine future drill programs. Additionally, a portion of the
proceeds will also be used to undertake a scoping study at the Eastmain Gold Mine in Quebec and for
general working capital purposes.
The Placement remains subject to the final approval of the TSX Venture Exchange.
As previously announced, Euroz Hartleys Limited acted as Lead Manager and Tamesis Partners LLP
acted as Co-Manager to the Placement, and they were paid a commission in relation to the Tranche 1
Placement in the amount of A$689,328 (C$610,952) (plus GST). No finder's fees or commissions will be
paid in relation to the Tranche 2 Placement.
Australian dollar amounts disclosed above were converted into Canadian dollars using the Bank of
Canada's exchange rate posted on April 15, 2025 of A$1 = C$0.8863.
This announcement has been approved for release by the Board.
For more information please contact:
Mark Lynch-Staunton
Chief Executive Officer
Benz Mining Corp.
E:
T: +61 8 6143 6702
About Benz Mining Corp.
Benz Mining Corp. (TSXV: BZ) (ASX: BNZ) is a pure-play gold exploration company dual-listed on the
TSX Venture Exchange and Australian Securities Exchange. The Company owns the Eastmain Gold
Project in Quebec, and the recently acquired Glenburgh and Mt Egerton Gold Projects in Western
Australia.
Benz's key point of difference lies in its team's deep geological expertise and the use of advanced
geological techniques, particularly in high-metamorphic terrane exploration. The Company aims to
rapidly grow its global resource base and solidify its position as a leading gold explorer across two of
the world's most prolific gold regions.
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For more information, please visit:
https://benzmining.com/
.
Forward-Looking Statements
Statements contained in this news release that are not historical facts are "forward-looking information"
or "forward looking statements" (collectively,
Forward-Looking Information
) as such term is used in
applicable Canadian securities laws. Forward-Looking Information includes, but is not limited to,
disclosure regarding the use of proceeds from the Placement, planned exploration and related activities
on the Eastmain Gold Mine and the Glenburgh and Mt Egerton projects, including the anticipated
benefits thereof, and the final approval of the Placement by the TSX Venture Exchange. In certain cases,
Forward-Looking Information can be identified by the use of words and phrases or variations of such
words and phrases or statements such as "anticipates", "complete", "become", "expects", "next steps",
"commitments" and "potential", in relation to certain actions, events or results "could", "may", "will",
"would", be achieved. In preparing the Forward-Looking Information in this news release, the Company
has applied several material assumptions, including, but not limited to: that the tenements associated
with the Glenburgh and Mt Egerton projects that are still pending grant or undergoing the renewal
process will be granted and/or renewed, as applicable, in a timely manner and on reasonable terms; all
conditions for completion of the Placement, including final approval of the TSX Venture Exchange for the
Placement, will be satisfied in a timely manner; the Company will be able to raise additional capital as
necessary; the current exploration, development, environmental and other objectives concerning the
Company's Projects (including Glenburgh and Mt Egerton) can be achieved; and, the continuity of the
price of gold and other metals, economic and political conditions, and operations.
Forward-Looking Information is subject to a variety of risks and uncertainties and other factors that could
cause plans, estimates and actual results to vary materially from those projected in such Forward-
Looking Information. Factors that could cause the Forward-Looking Information in this news release to
change or to be inaccurate include, but are not limited to, the risk that any of the assumptions referred to
prove not to be valid or reliable, that occurrences such as those referred to above are realized and result
in delays, or cessation in planned work, that the Company's financial condition and development plans
change, and delays in regulatory approval, as well as the other risks and uncertainties applicable to the
Company as set forth in the Company's continuous disclosure filings filed under the Company's profile at
www.sedarplus.ca
and
www.asx.com.au
. Accordingly, readers should not place undue reliance on
Forward-Looking Information. The Forward-Looking Information in this news release is based on
reasonable plans, expectations, and estimates of management as at the date the information is
provided, and the Company undertakes no obligation to update these forward-looking statements, other
than as required by applicable law.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS
THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS
RESPONSIBILITY FOR THE ACCURACY OR ADEQUACY OF THIS RELEASE.
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