Benton Closes Private Placement, Provides AGM Update

Benton Resources Inc. has received approval from the TSX Venture Exchange to close its private placement 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

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.

Tags: Northern Ontario / Deals & Financial / Gold / All Articles