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Thunder Bay ON, June 12, 2020 – Benton Resources Inc. (‘Benton’ or ‘the Company’) (TSX-V: BEX) announces that it has received approval from the TSX Venture Exchange (the "Exchange") to close its private placement financing (the "Financing"), previously announced June 2, 2020.
The Company will be issuing 5,006,659 flow-through shares ("FT Shares") and 2,561,846 non-flow-through units (the "Units") (together the "Securities"), each Unit consisting of 1 common share of the Company and 1 common share purchase warrant, each warrant being exercisable at $0.25 for 24 months, for gross proceeds of $1,084,039.
In connection with the Financing, the Company will also pay cash finders' fees and issue broker warrants as permitted by the Exchange and all Securities issued pursuant to the Financing are subject to a statutory four-month hold period.
Proceeds of the Financing will be used to advance the Company's various early-stage Ontario-based exploration projects, including the recently optioned Far Lake project (see Company news release dated May 20, 2020) and for working capital purposes.
The Company also announces that due to delays caused by the COVID-19 Pandemic situation and the unexpected passing of a director, it has cancelled its Annual Meeting set for June 15, 2020. The Company will notify shareholders in the next few weeks of the new date for its Annual Meeting.
Exploration at Far Lake is well underway. The Company's heli-borne electromagnetic survey commenced June 11, the results of which will be essential in targeting exploration for the remainder of the field season. The survey is designed to locate conductive sulphide mineralization, similar to that of the high grade Cu occurrence on the property, as well as Mid-continent rift ("MCR") associated intrusions. Over 700 soil samples and nearly 140 chip samples have been submitted for multi-element assay, while geological mapping of the entire property is ongoing.
QP
Nathan Sims (P.Geo.), Senior Exploration Manager for Benton Resources Inc., the 'Qualified Person' under National Instrument 43-101, has approved the scientific and technical disclosure in this news release and prepared or supervised its preparation.
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: 807-475-7474
Email: sstares@bentonresources.ca
Cathy Hume, CHF Capital Markets
Phone: 416-868-1079 x251
Email: cathy@chfir.com
Website: www.bentonresources.ca
Twitter: @BentonResources
Facebook: @BentonResourcesBEX
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPTRESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
The informationcontained herein contains "forward-looking statements" within themeaning of applicable securities legislation. Forward-looking statements relateto information that is based on assumptions of management, forecasts of futureresults, and estimates of amounts not yet determinable. Any statements thatexpress predictions, expectations, beliefs, plans, projections, objectives,assumptions or future events or performance are not statements of historicalfact and may be "forward-looking statements."
Forward-looking statements are subjectto a variety of risks and uncertainties which could cause actual events orresults to differ from those reflected in the forward-looking statements,including, without limitation: risks related to failure to obtain adequatefinancing on a timely basis and on acceptable terms; risks related to theoutcome of legal proceedings; political and regulatory risks associated withmining and exploration; risks related to the maintenance of stock exchangelistings; risks related to environmental regulation and liability; thepotential for delays in exploration or development activities or the completionof feasibility studies; the uncertainty of profitability; risks anduncertainties relating to the interpretation of drill results, the geology,grade and continuity of mineral deposits; risks related to the inherentuncertainty of production and cost estimates and the potential for unexpectedcosts and expenses; results of prefeasibility and feasibility studies, and thepossibility that future exploration, development or mining results will not beconsistent with the Company's expectations; risks related to gold price andother commodity price fluctuations; and other risks and uncertainties relatedto the Company's prospects, properties and business detailed elsewhere in theCompany's disclosure record. Should one or more of these risks anduncertainties materialize, or should underlying assumptions prove incorrect,actual results may vary materially from those described in forward-lookingstatements. Investors are cautioned against attributing undue certainty toforward-looking statements. These forward looking statements are made as of thedate hereof and the Company does not assume any obligation to update or revisethem to reflect new events or circumstances. Actual events or results coulddiffer materially from the Company's expectations or projections.