THUNDER BAY, ON, Aug. 12 /CNW/ - Benton Resources Corp (BTC: TSX.V,
"Benton" or "the Company") is pleased to announce that it has entered into a
non-brokered financing agreement to issue up to C$2,300,000 in flow-through
shares. The private placement will consist of a maximum of 4,600,000
flow-through shares issued at a price of $0.50 per share.
The private placement is expected to close before August 21, 2009, and is
subject to regulatory approvals. The securities issued under this private
placement are subject to a four month hold period from the closing date.
A cash finders' fee equal to 6.0% of the gross proceeds raised in the
agreement will be paid by the Company to the Subscriber. As additional
consideration, the Subscriber shall be issued Warrants exercisable for that
number of common shares of the Corporation equal in number to 6% of the number
of Flow-Through Shares sold under the agreement. The Warrants will be
exercisable at a price of $0.50 per common share for a period of 18 months
after the Closing Date.
The proceeds from the agreement will be used for upcoming diamond drill
programs on the Company's Copper Hill Block A and Saganaga gold properties.
Clinton Barr (P.Geo.), V.P. Exploration for Benton Resources Corp., is
the qualified person responsible for this release.
On behalf of the Board of Directors of Benton Resources Corp.,
Stephen Stares, President
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Forward-looking statements in this release are made pursuant to the safe
harbor provisions of the Private Securities Litigation Reform act of 1995.
Investors are cautioned that such forward-looking statements involve risks and
For further information:
For further information: Stephen Stares @: 611 Montreal Street, Thunder
Bay, ON, P7E 3P2, Phone (807) 475-7474, Fax (807) 475-7200,
www.bentonresources.com; Investor relations: In Canada: First Canadian
Capital, Daniel Boase, Phone (416) 742-5600, Fax (416) 742-6410