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Benz Mining flush with $13 million for Quebec exploration

Oct 30, 2020

Benz Mining Corp. has closed its previously announced private placement of 14,857,142 flow-through units at $0.875 and 400,000 hard dollar units at $0.55 for proceeds of $13,219,999.25. Benz is earning a 100% interest from Eastmain Resources Inc. in the former producing high grade Eastmain gold mine, Ruby Hill West and Ruby Hill East projects in Quebec.

Each FT Unit and HD Unit consists of one (1) common share of the Company (a "Share") and 0.5 common share purchase warrant (a "Warrant"). Each whole Warrant will entitle the holder to acquire one common share of the Company for two years from the closing of the Offering at a price of $1.00 per Share. 

The gross proceeds received by the Company from the sale of the FT Units will be used to incur Canadian Exploration Expenses ("CEE") that are "flow-through mining expenditures" (as such terms are defined in the Income Tax Act (Canada)) on the Company's properties in Québec, by December 31, 2021 and renounce such expenditures to the subscribers effective December 31, 2020.

The Shares and Warrants are subject to a four month hold period expiring on March 1, 2021. 

Benz Mining Corp. brings together a strong team of geoscientists and finance professionals with a focused strategy to acquire and develop mineral projects with an emphasis on safe, low risk jurisdictions favorable to mining development.

Tags: Quebec / Press Releases / Gold / All Articles