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Thunder Bay, Ontario--(Newsfile Corp. - December 30, 2024) - Benton Resources Inc. (TSXV: BEX) ("Benton" or the "Company") is pleased to announce that, further to its December 18, 2024 news release, it has closed its non-brokered private placement financing pursuant to an arrangement with Wealth Creation Preservation & Donation Inc. ("WCPD"). The Company has issued 9,326,571 Charity Flow-through Units ("FT Unit") at $0.11 per FT Unit for aggregate gross proceeds of $1,025,923 (the "Private Placement"). Each FT Unit consists of one flow-through common share of the Company and one-half of one common share purchase warrant (a "Warrant"), each Warrant being exercisable for an additional common share of the Company at an exercise price of $0.11 for 36 months from the date of issue. The FT Units will entitle the holder to receive the tax benefits applicable to flow-through shares, in accordance with provisions of the Income Tax Act (Canada).
In connection with the Private Placement, the Company has paid cash finders' fees totaling $33,172 and issued 473,880 finders' warrants, exercisable at $0.11 for 36 months from the date of issuance.
All securities issued pursuant to the Private Placement will be subject to a four-month and a day hold period.
The Company will use an amount equal to the gross proceeds received by the Company from the sale of the FT Units, pursuant to the provisions in the Income Tax Act (Canada), to incur eligible "Canadian exploration expenses" that qualify as "flow-through mining expenditures" as both terms are defined in the Income Tax Act (Canada) (the "Qualifying Expenditures") on or before December 31, 2025, and to renounce all the Qualifying Expenditures in favour of the subscribers of the FT Units effective December 31, 2024. The proceeds from the sale of the FT Units will be used to advance Benton's various exploration projects.
About Benton Resources Inc.
Benton Resources is a well-financed mineral exploration company listed on the TSX Venture Exchange under the symbol BEX. Benton has a diversified, highly prospective property portfolio and holds large equity positions in other mining companies that are advancing high-quality assets. Whenever possible, BEX retains net smelter return (NSR) royalties with potential long-term cash flow.
Benton is focused on advancing its high-grade Copper-Gold Great Burnt Project in central Newfoundland, which has a Mineral Resource estimate of 667,000 tonnes @ 3.21% Cu Indicated and 482,000 @ 2.35% Cu Inferred. The Project has an excellent geological setting covering 25 km of strike and boasts six known Cu-Au-Ag zones over 15 km that are all open for expansion. Further potential for discovery is excellent given the extensive number of untested geophysical targets and Cu-Au soil anomalies. Phase 1, 2 and 3 drill programs returned impressive results with 25.42 m of 5.51% Cu, including 9.78 m of 8.31% Cu, and 1.00 m of 12.70% Cu. Drilling at the South Pond Gold Zone, approximately 7.5 km north of the Great Burnt Copper-Gold Zone, has confirmed a robust gold-mineralized system over 2.5 km with results of 74.20 m of 1.43g/t Au and 43.75 m of 1.62g/t Au and is open for expansion in all directions.