Benz Announces Closing of A$4M Financing
Benz Announces Closing of A$4M Financing
Toronto, Ontario--(Newsfile Corp. - November 13, 2024) - Benz Mining Corp. (TSXV: BZ) (ASX: BNZ)
(
Benz
or the
Company
) is pleased to advise that, further to its announcement dated 6 November 2024,
it has successfully completed the private placement of 18,181,820 CHESS Depository Interests (
CDIs
)
at a price of A$0.22 per CDI to raise approximately A$4 million (before costs) (
Placement
). Each CDI
represents one underlying common share in the Company on a one for one basis.
The Placement was previously announced in connection with the execution of a binding, conditional
share purchase agreement (
SPA
) to acquire 100% of the Glenburgh Gold Project and Mt Egerton Gold
Project, located in the Gascoyne region of Western Australia from Spartan Resources Limited (ASX:
SPR) (
Spartan
) (
Acquisition
).
Net proceeds raised from the Placement will be used to:
Complete the Acquisition;
Support a rapid scale-up in gold exploration activities, including resource drilling and regional
exploration target generation activities on the Glenburgh and Mt Egerton Projects; and
General working capital.
The Placement is not conditional on completion of the Acquisition. If the Acquisition does not complete,
the funds raised from the Placement will be used to undertake drilling activities on the Company's
Eastmain Project and for general working capital purposes. Euroz Hartleys Limited acted as Sole Lead
Manager and Bookrunner to the Placement and were paid a commission in the amount of A$220,000.02
(plus GST).
The Placement remains subject to the final approval of the TSX Venture Exchange. The securities
issued in connection with the Placement are subject to a statutory hold period in Canada of four months
and one day.
This announcement has been approved for release by the Board.
For more information please contact:
Mark Lynch-Staunton
Chief Development 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, with a NI 43-101 and JORC (2012) compliant mineral resource of 1,005,000 ounces
at 6.1g/t Au, showcasing Benz's focus on high-grade, high-margin assets in premier mining jurisdictions.
On 6 November 2024, Benz announced a binding agreement to acquire the Glenburgh and Mt Egerton
Gold Projects in Western Australia from Spartan Resources Limited (ASX: SPR). This acquisition, once
completed, will mark a transformational step, establishing Benz as a multi-jurisdictional gold exploration
company with a focus on unlocking value in underexplored assets. The Glenburgh Project features a
Mineral Resource Estimate of 16.3Mt at 1.0 g/t Au (510,100 ounces of contained gold).
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/
.
Competent Person's Statement (JORC Code)
The Mineral Resource Estimates for the Eastmain Project and the Glenburgh Project were previously
reported in accordance with Listing Rule 5.8 on 24 May 2023 and 6 November 2024, respectively. The
Company confirms that it is not aware of any new information or data that materially affects the
information included in the original market announcements and confirms that all material assumptions
and technical parameters underpinning the Estimates continue to apply and have not materially changed.
The Company confirms that the form and context in which the Competent Person's findings are
presented have not been materially modified from the original market announcements.
Historical Mineral Resource Estimates
All mineral resource estimates in respect of the Glenburgh Project in this news release are considered to
be "historical estimates" as defined under NI 43-101-
Standards of Disclosure for Mineral Projects
(
NI
43-101
). These historical estimates are not considered to be current and are not being treated as such.
These estimates have been prepared in accordance with the Australasian Code for Reporting of
Exploration Results, Mineral Resources and Ore Reserves prepared by the Joint Ore Reserves
Committee of the Australasian Institute of Mining and Metallurgy, Australian Institute of Geoscientists and
Minerals Council of Australia (
JORC Code
) and have not been reported in accordance with NI 43-101.
A qualified person (as defined in NI 43-101) (
Qualified Person
) has not done sufficient work to classify
the historical estimates as current mineral resources. A Qualified Person would need to review and verify
the scientific information and conduct an analysis and reconciliation of historical data in order to verify
the historical estimates as current mineral resources.
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 acquisition of the Glenburgh and Mt Egerton projects and the anticipated
benefits thereof, planned exploration and related activities on the Glenburgh and Mt Egerton projects, the
anticipated timing of completion of the Acquisition, the drilling activities on the Eastmain Project,
and
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 all requisite approvals in respect of the
Acquisition will be received, and all conditions precedent to completion of the Acquisition in the SPA 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 plans,
expectations, and estimates of management 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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