Benton Sells 16 Claim Units to Alabama Graphite

Benton Resources Inc. (TSXV:BEX) announced that Alabama Graphite Corp. (CNSX:ALP) has purchased a 100-percent interest in 16 of its recently staked claim units, all located 25 kilometers east of Zenyatta Ventures Ltd.’s (TSXV:ZEN) hydrothermal graphite discovery.

As quoted in the press release:

Under the Agreement, Alabama Graphite will, upon regulatory approval, pay the Company $8,000 and issue to the Company, 2 million Alabama Graphite common shares with the following restrictions;

• 500,000 common shares with the standard 4 month trading restriction legend from the date of issuance;
• 500,000 common shares with a 10 month trading restriction legend from the date of issuance;
• 500,000 common shares with a 16 month trading restriction legend from the date of issuance; and
• 500,000 common shares with a 22 month trading restriction legend from the date of issuance.

Benton will also retain a 2% NSR with Alabama Graphite having the right to buy back 50% of the NSR (i.e. 1%) for $1 million.

Click here to read the full Benton Resources Inc. (TSXV:BEX) press release.