VANCOUVER, Aug. 25 /CNW/ - Benton Resources Corp. ("Benton" or the
"Company") announces that it intends to make a normal course issuer bid (the
"Bid"), to purchase, through the facilities of the TSX Venture Exchange (the
"Exchange"), certain of its outstanding common shares.
The number of common shares intended to be purchased through the
facilities of the Exchange during the period of the Bid from August 26, 2008
to August 26, 2009 will not exceed 3,000,000 common shares, or approximately
4.3% of the total of 69,444,281 common shares outstanding. The actual number
of shares that may be purchased and the timing of any such purchases will be
determined by Benton.
Purchases pursuant to the Bid will be conducted through RBC Dominion
Securities Inc. as to the first one million shares and through Thomas Weisel
Partners Canada Inc. as to the remaining two million shares and the price that
Benton will pay for the shares will be the market price at the time of the
purchase. All shares purchased under the Bid will be cancelled.
The Board of Benton believes that recent market prices of the Company's
shares do not properly reflect the underlying value of the Company. With the
Company's exploration results to date, the various joint ventures that the
Company has entered into and a treasury of approximately $20 million the Board
believes that the Bid is in the best interest of the shareholders. The Bid
will provide some liquidity for those shareholders who wish to dispose of
their shares and enhance the potential future value of the shares which remain
The proposed Bid remains subject to the prior acceptance of the Exchange.
Following acceptance by the Exchange, shareholders may obtain a copy of the
completed Bid notice, without charge, by contacting the Company.
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 @ 3290 Willard Ave, Thunder Bay,
Ont., P7E 6J7, Phone (807) 475-7474, Fax (807) 475-7200,