Highlights of the Option
Under the terms of the Option, Benton can earn a 70% undivided interest in the Property by:
making a $40,000 cash payment to Spruce upon receipt of final Exchange approval;
issuing to Spruce 15 million common shares in the capital of Benton ("Benton Shares") as follows:
5,000,000 Benton Shares subject to a four-month regulatory trading restriction;
5,000,000 Benton Shares subject to a four-month regulatory trading restriction plus an additional eight-month trading restriction;
5,000,000 Benton Shares subject to a four-month regulatory trading restriction plus an additional twenty-month trading restriction; and
completing $2.5 million in exploration expenditures on the Property within 36 months of the date of the LOI, of which $1.0 million must be expended by the first anniversary of the LOI, subject to the right of Benton to accelerate the completion of such expenditures and share issuances at its election.