Thunder Bay, Ontario--(Newsfile Corp. - April 12, 2024) - Benton Resources Inc. (TSXV: BEX) ('Benton' or 'the Company') announces that it has filed documents with the TSX Venture Exchange seeking final approval for its recently announced non-brokered private placement of flow-through and non-flow through units (the "Private Placement") (see Benton PR dated April 3, 2024).
On receipt of all regulatory approvals, the Company will issue 15,755,334 units at a price of $0.15 per unit, each unit consisting of 1 common share of the Company and ½ (one half) of a common share purchase warrant, with each full warrant entitling the holder to acquire an additional common share of the Company at $0.22 for a period of 24 months from the date of issue for aggregate gross proceeds of $2,363,300.
Upon receipt of regulatory approval and in connection with the private placement, the Company will pay $132,213 in cash finders' fees and will issue 881,420 finders' warrants exercisable at $0.22 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 Great Burnt Copper-Gold project in Newfoundland and for working capital purposes.
About Benton Resources Inc.
Benton Resources is a well-financed mineral exploration company listed on the TSX Venture Exchange under the symbol BEX. Following a project generation business model, Benton has a diversified, highly prospective property portfolio of gold, silver, nickel, copper, platinum group elements and, most recently, lithium and cesium assets. In addition, it currently holds large equity positions in other mining companies that are advancing high-quality assets. Whenever possible, BEX retains net smelter return (NSR) royalties with potential long-term cash flow.
Benton is currently focused on advancing its high-grade Copper-Gold Great Burnt Project in central Newfoundland, which has a Mineral Resource estimate of 667,000 tonnes @ 3.21% Cu Indicated and 482,000 @ 2.35% Cu Inferred. The Project has an excellent geological setting covering 25km of strike and boasts six known Cu-Au-Ag zones over 15km that are all open for expansion. Further potential for discovery is excellent given the extensive number of untested geophysical targets and Cu-Au soil anomalies. The Phase 1 drill program consisting of over 5,650m, completed in November, returned impressive results including 25.42m of 5.51% Cu, including 9.78 m of 8.31% Cu, and 1.00 m of 12.70% Cu from hole GB-23-12.
On behalf of the Board of Directors of Benton Resources Inc.,
"Stephen Stares"
Stephen Stares, President
For further information, please contact:
Stephen Stares, President & CEO
Phone: 807-474-9020
Email: sstares@bentonresources.ca
Iryna Zheliasko, Investor Relations
Phone: 647-249-9298 ext. 322
Email: iryna@grovecorp.ca
Website: www.bentonresources.ca
Twitter: @BentonResources
Facebook: @BentonResourcesBEX
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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SOURCE: Benton Resources Inc.
