Benchmark's $2 Million Non-Brokered Flow-Through Share Offering Includes Lead Order from Sprott Asset Management
TSX VENTURE: BNCH
Edmonton, Alberta--(Newsfile Corp. - May 28, 2019) - Benchmark Metals Inc. (TSXV: BNCH) (OTCQB: CYRTF) (WKN: A2JM2X) (the "Company" or "Benchmark") is pleased to announce that is it has closed the first and second tranches of its non-brokered flow-through share offering announced on April 26, 2019 (the "Offering") for aggregate gross proceeds of $1,897,039, including continued investment from Sprott Asset Management, who also participated in Benchmark's financing announced October 15, 2018.
The first tranche of the Offering was 7,652,909 flow-through shares at a price of $0.22 per share for gross proceeds of $1,683,639. The second tranche of the Offering was a further 970,000 flow-through shares at the same price for gross proceeds of $213,400. Benchmark anticipates making a third and final closing of the Offering in the next week to ten days.
The gross proceeds of the Offering will be used to incur qualifying Canadian Exploration Expenses (the "Qualifying Expenses") on the Lawyers Property, British Columbia, and the Company will renounce the Qualifying Expenses to the subscribers. Each subscriber will be entitled to their pro rata share of the flow-through expenses renounced, a 15% federal tax credit and, if a BC resident, a BC mining expenditures tax credit of at least 20%, less any government assistance.
The Company has paid $137,505 in finders' fees and issued share purchase warrants to certain arm's length finders (the "Finders' Warrants") enabling them to purchase up to 557,124 common shares at a price of $0.22 per share until May 21, 2020, and a further 67,900 common shares until May 27, 2020. The securities for the Offering and Finders' Warrants will bear legends restricting resale until September 22, 2019 and September 28, 2019, respectively.
About Benchmark Metals Inc.
Benchmark is a Canadian mineral exploration company with its common shares listed for trading on the TSX Venture Exchange in Canada, the OTCQB Venture Market in the United States and the Tradegate Exchange in Europe. Benchmark is managed by proven resource sector professionals, who have a track record of advancing exploration projects from grassroots scenarios through to production.ON BEHALF OF THE BOARD OF DIRECTORS
s/ "John Williamson"
John Williamson, Chief Executive Officer
For further information, please contact:
Jim Greig, President
Tel: (604) 260-6977
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This news release may contain certain "forward looking statements". Forward-looking statements involve known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Any forward-looking statement speaks only as of the date of this news release and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise.