BENTON ANNOUNCES $2.25 MILLION PRIVATE PLACEMENT, WITH PARTICIPATION BY MR. ERIC SPROTT

Thunder Bay ON, May 14, 2021 – Benton Resources Inc. (‘Benton’ or ‘the Company’) (TSX-V: BEX) is pleased to announce a non-brokered private placement offering (the “Private Placement“) for aggregate gross proceeds of up to $2,250,000 in flow-through units of the Company (the “FT Units“) at a price of $0.20 per FT Unit. Mr. Eric Sprott has indicated his intention to subscribe for $2,000,000 into the Private Placement.

 

Each FT Unit shall be comprised of one common share of the Company that will qualify as a “flow-through share” within the meaning of subsection 66(15) of the Income Tax Act (Canada) (the “Tax Act“) (a “FT Common Share“) and one-half of one common share purchase warrant of the Company (each whole warrant, a “Warrant“). Each Warrant shall entitle the holder thereof to purchase one additional common share of the Company (a “Warrant Share“) at an exercise price equal to $0.25 at any time up to 36 months from closing of the Private Placement.

 

The gross proceeds from the sale of FT Units (other than the minimal amount allocable to the Warrants) will be used for exploration expenses on the Company’s mining projects as permitted under the Income Tax Act (Canada) to qualify as Canadian Exploration Expenses (“CEE“) as defined in the Tax Act.

 

The FT Common Shares and the Warrant Shares to be issued under the Offering will have a hold period of four months and one day closing of the Private Placement.

 

In connection with the Private Placement, the Company will pay a finder’s fee in units of the Company on the same price and terms of the FT Units pursuant to the Private Placement and/or finder’s warrants in accordance with the policies of the TSX Venture Exchange.

 

The issuance of the FT Units and payment of the finder’s fee is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the TSX Venture Exchange.

 

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. Most 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

Phone: 807-475-7474

Email: sstares@bentonresources.ca

 

CHF Capital Markets

Cathy Hume, CEO

Phone: 416-868-1079 x231

Email: cathy@chfir.com