Benton Provides Update on the Regency Transaction and Announces Non-Brokered Flow-Through Private Placement Financing
Thunder Bay, Ontario--(Newsfile Corp. - December 11, 2019) - Benton Resources Inc. (TSXV: BEX) ('Benton' or 'the Company') would like to update shareholders on the progress of the previously announced Regency Gold Corp. (TSXV: RAU) ('Regency') transaction ('the Transaction'). As per Benton's previous press release (see PR dated November 11, 2019) Benton, Regency and Panoramic Resources Limited have been diligently working toward executing definitive option agreements. It is anticipated that the various agreements to complete the Transaction will be fully executed in the coming days.
Stephen Stares, President and CEO of Benton, stated: "While junior resource markets remain very volatile and tough, we are impressed with the Regency team and their commitment to complete the Transaction and aggressively advance the TBN and Escape Lake properties. They have demonstrated excellent leadership throughout both the due diligence and financial marketing processes. We believe that this highly capable team will present the best opportunity to deliver value to Benton shareholders as they move these exciting PGM projects forward. Benton looks forward to completing the Transaction and becoming a major shareholder in Regency."
Non-Brokered Flow-Through Private Placement
Benton also announces that it intends to complete a non-brokered private placement of flow-through units. The Company intends to issue up to 4,666,666 flow-through units at a price of $0.075 per unit (the 'FT Units') for aggregate gross proceeds of up to $350,000. Each FT Unit will consist of one flow-through common share (the 'FT Shares') and one-half of one non flow-through common share purchase warrant (the 'NFT Warrants'). Each whole warrant will entitle the holder to acquire one additional non flow-through common share of the Company at an exercise price of $0.15 for a period of 36 months from the date of issue. The FT Shares will entitle the holder to receive the tax benefits applicable to flow-through shares, in accordance with provisions of the Income Tax Act (Canada).
In connection with the private placement, the Company may pay finders' fees in cash or securities or a combination of both, 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 and one day hold period. The private placement is subject to approval by the TSX Venture Exchange.
The proceeds of the financing will be used to advance Benton's various early-stage exploration projects, including the 100%-owned Saganaga and Iron Duke gold projects.
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.
Parties interested in seeking more information about properties available for option can contact Mr. Stares at the number below.
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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