Benz raises $2M for exploration at Eastmain in NWQ

Vancouver, British Columbia--(Newsfile Corp. - March 3, 2020) -   Benz Mining Corp. (TSXV: BZ) (the "Company" or "Benz"), is pleased to announce a non-brokered private placement of 26,315,790 units (each, a "Unit") at a price of $0.076 per Unit, for gross proceeds of up to $2,000,000 (the "Private Placement"). Each Unit consisting of one common share in the capital of the Company (each a "Share") and one whole common share purchase warrant (each a "Warrant"). Each Warrant will entitle the holder to purchase one Share (a "Warrant Share") at a price of $0.12 per Warrant Share for a period of 36 months following closing. 

The net proceeds from the Private Placement will be used for continued exploration and development of Benz's flagship Eastmain Gold project located in James Bay District, Quebec (the "Project") and working capital.

A Finders' Fee will be payable on the gross proceeds of the Private Placement of 8.0% in the form of cash and broker warrants to purchase such number of common shares as is equal to 8.0% of the number of Shares issued under the Private Placement, at an exercise price equal to C$0.12 per common share, for a period of 36 months from the closing of the Offering.

All of the Shares issued pursuant to the Private Placement will be subject to a four-month hold period from the date of issue. The Private Placement is subject to approval from the TSX Venture Exchange (the "Exchange").

After giving effect to the Private Placement, the Company will have an aggregate of 55,632,884 common shares issued and outstanding. 

The Company also announces that it has granted an aggregate of 570,000 incentive stock options to certain directors, officers and consultants of Benz at an exercise price of $0.076 per share for a period of five years. Such options have been granted pursuant to the Company's 10% rolling stock option plan and are in accordance with policies of the TSX Venture Exchange.

Tags: Quebec / Deals & Financial / Gold / All Articles