Benton Resources Inc. (TSXV: BEX) ('Benton' or 'the Company') announces that it has closed their previously announced non-brokered private placement of units (the "Private Placement") (see Company news release dated December 11, 2020).
The Company will issue 2,480,000 units at a price of $0.17 per unit with each unit consisting of 1 common share of the Company and 1 common share purchase warrant, with each warrant entitling the holder to acquire an additional common share of the Company at $0.30 for 24 months from the date of issue, for aggregate gross proceeds of $421,600.
In connection with the private placement, the Company will pay $25,296 in cash finders' fees and will issue 148,800 finders' warrants exercisable at $0.20 for 24 months from the date of issue, as permitted by the policies of the TSX Venture Exchange. All securities issued pursuant to the private placement will be subject to a four-month hold period.
The proceeds of the financing will be used to advance Benton's Far Lake IOCG project and its various early-stage Ontario-based exploration projects, and for working capital purposes.
In addition, the Company is pleased to announce that it successfully held its Annual General and Special Meeting of Shareholders on December 15, 2020 (the "Meeting"). At the Meeting, the election of Stephen Stares, Michael Stares, Thomas Sarvas, Timothy Froude and John Sullivan as directors of the Company was approved by an overwhelming majority of shareholders who voted. All other matters presented to shareholders for approval were successfully passed at the Meeting.
On behalf of the Board of Directors of Benton Resources Inc.,
Stephen Stares, President
About Benton Resources Inc.
Benton Resources is a well-funded Canadian-based project generator with a diversified property portfolio in Gold, Silver, Nickel, Copper, and Platinum group elements. Benton holds multiple high-grade projects available for option which can be viewed on the Company's website. Many projects have an up-to-date 43-101 Report available.
For further information, please contact:
Stephen Stares, President & CEO
CHF Capital Markets
Cathy Hume, CEO
Phone: 416-868-1079 x231
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. Forward-looking statements relate to information that is based on assumptions of management, forecasts of future results, and estimates of amounts not yet determinable. 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: risks related to failure to obtain adequate financing on a timely basis and on acceptable terms; risks related to the outcome of legal proceedings; political and regulatory risks associated with mining and exploration; risks related to the maintenance of stock exchange listings; risks related to environmental regulation and liability; the potential for delays in exploration or development activities or the completion of feasibility studies; the uncertainty of profitability; risks and uncertainties relating to the interpretation of drill results, the geology, grade and continuity of mineral deposits; 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, and the possibility that future exploration, development or mining results will not be consistent with the Company's expectations; risks related to gold price and other commodity price fluctuations; and other risks and uncertainties related to the Company's prospects, properties and business detailed elsewhere in the Company's disclosure record. 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 the Company does not assume any obligation to update or revise them to reflect new events or circumstances. Actual events or results could differ materially from the Company's expectations or projections.
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