THUNDER BAY, ON, Nov. 2, 2012 /CNW/ - Benton Resources Inc. (TSXV: BEX) ("Benton Resources") and Benton Capital Corp. (TSXV: BTC) ("Benton Capital" and formerly Benton Resources Corp.) announce their guidance regarding the allocation of shareholders' respective adjusted cost base ("ACB") for Canadian income tax purposes in connection with its previously completed spin-out transaction by way of a plan of arrangement (the "Arrangement") that was effective as of July 27, 2012. In particular, Benton Capital, with the exception of its investment in Coro Mining Corp., $730,000 in working capital, and the Goodchild project, transferred all of its assets and liabilities to the newly listed issuer Benton Resources. Benton Resources commenced trading on August 1, 2012, on the TSX Venture Exchange under the symbol "BEX". Pursuant to this Arrangement, shareholders received one new common share of both Benton Resources and Benton Capital for each common share held of Benton Resources Corp. (renamed on closing as part of the Arrangement) immediately prior to the commencement of trading on August 1, 2012.
In order to calculate the ACB for Canadian income tax purposes of the Benton Resources common shares and the Benton Capital common shares received pursuant to the Arrangement, a shareholder should allocate the pre-Arrangement ACB of the common shares of Benton Resources Corp., as follows:
| Percentage of
Fair Market Value
(July 27, 2012)
|Benton Capital Corp. (BTC)||41.2457%||41.2457%|
|Benton Resources Inc. (BEX)||58.7543%||58.7543%|
The first financial year-end for Benton Resources and Benton Capital subsequent to the completion of the Arrangement is June 30, 2013. Each of Benton Resources and Benton Capital will file interim financial statements for the interim periods ending September 30, 2012, December 31, 2012, and March 31, 2012, as well as annual financial statements for the year ending June 30, 2013.
On behalf of the Board of Directors of Benton Resources Inc. and Benton Capital Corp.
Stephen Stares, President
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
SOURCE: Benton Capital Corp.
For further information:
Clair Calvert: @ 204-799-2086