Benchmark Announces Increase in Unit Offering to over $48 Million
Benchmark Announces Increase in Unit
Offering to over $48 Million
Edmonton, Alberta--(Newsfile Corp. - August 19, 2020) - Benchmark Metals Inc.
(TSXV: BNCH)
(OTCQB: CYRTF) (WKN: A2JM2X) (the "
Company
" or "
Benchmark
") Further to the Company's press
release dated August 18, 2020, the Company is pleased to announce that its "best efforts" brokered
private placement offering with Sprott Capital Partners LP ("
Sprott
") as lead agent, and, if applicable,
on behalf of a syndicate of one or more additional agents (referred to collectively as the "
Agents
") has
been increased from $21,000,001 to $48,050,001 (the "
Offering
").
The Offering will now consist of a combination of (i) up to 28,500,000 units of the Company ("
Hard
Dollar Units
") at a price of $1.30 per Unit (the "
Issue Price
") for gross proceeds of up to $37,050,000;
(ii) up to 3,205,128 units of the Company issued on a flow-through basis (the "
FT Units
") at a price of
$1.56 per FT Unit for gross proceeds of up to $5,000,000; and (iii) up to 3,428,572 units of the Company
issued on a charity flow-through basis (the "
Charity FT Units
") at a price of $1.75 per Charity FT Unit
for gross proceeds of up to $6,000,001.
The Hard Dollar Units, the FT Units and the Charity FT Units
shall be collectively referred to as the "
Offered Securities
".
The purchasers of the Charity FT Units may
subsequently donate such Charity FT Units to registered charities, who may sell such securities at the
Issue Price to purchasers arranged by the Agents without any flow-through tax benefits.
The Company has granted the Agents an option to sell up to an additional 20% of the Offering (the
"
Agents' Option
"), exercisable in whole or in part at any time up to three business days prior to the
closing of the Offering.
In addition, the number of Hard Dollar Units may decrease to the extent that more
FT Charity Units are sold, provided that the total number of Offered Securities does not exceed
35,133,700 units, plus any additional Offered Securities under the Agents' Option.
The Offering is expected to close on or about September 15, 2020, and is subject to certain closing
conditions including, but not limited to, the receipt of all necessary approvals including the conditional
listing approval of the TSX Venture Exchange and the applicable securities regulatory authorities.
The
securities issued under the Offering will be subject to a four month hold period from the date of issue in
accordance with applicable securities laws.
All other terms of the Offering remain unchanged.
About Benchmark Metals Inc.
Benchmark is a Canadian mineral exploration company with its common shares listed for trading on the
TSX Venture Exchange in Canada, the OTCQB Venture Market in the United States, and the Tradegate
Exchange in Europe.
Benchmark is managed by proven resource sector professionals, who have a track
record of advancing exploration projects from grassroots scenarios through to production.
ON BEHALF OF THE BOARD OF DIRECTORS
s/ "John Williamson"
John Williamson
, Chief Executive Officer
For further information, please contact:
Jim Greig, President
Tel: (604) 260-6977
NEITHER 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 ADEQUACY OR ACCURACY OF THIS RELEASE.
This news release may contain certain "forward looking statements". Forward-looking statements involve
known and unknown risks, uncertainties, assumptions and other factors that may cause the actual
results, performance or achievements of the Company to be materially different from any future results,
performance or achievements expressed or implied by the forward-looking statements, including, without
limitation: risks related to the listing approval of the TSX Venture Exchange, the closing of the Offering
and the tax treatment of FT Units and Charity FT Units. Any forward-looking statement speaks only as of
the date of this news release and, except as may be required by applicable securities laws, the
Company disclaims any intent or obligation to update any forward-looking statement, whether as a result
of new information, future events or results or otherwise.
This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there
be any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be
unlawful, including any of the securities in the United States of America. The securities have not been
and will not be registered under the United States Securities Act of 1933, as amended (the "
1933
Act
") or any state securities laws and may not be offered or sold within the United States or to, or for
account or benefit of, U.S. Persons (as defined in Regulation S under the 1933 Act) unless registered
under the 1933 Act and applicable state securities laws, or an exemption from such registration
requirements is available
.
Not for distribution to United States newswire services or for dissemination in the United States.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/62101