May be Eric Sprott can finance BEX. Hopefully Eric Sprott finance BEX if they need financing.
I understand news release this way. For RTEC agreement BEX commitment is $4M within 90 days of signing agreement. For PAN's agrrement BEX commitment is $25000.00 upfront and rest within 90 days of signing agreement. BEX do have 5M dollar in treasury to sign both agreement once they find financing commitment.
Most of the time deal finalise with issuing some shares, 1M at the signing, rest balance can be paid every anniversary for next 3 to 5 yers. Check VO or MXR for reference. May not be the case here but if that the case BEX doesn't need any money from any investors. They can buy both property with $2M upfront at the signing, share issuing and rest balance every year to be completed in 3 to 5 years.
In the press release they says about subject to obtain financing but in last press release they did sold investment worth of $1.8M. Hopefully that is what they needed to go forward with this agreement.
Purchase Agreements
Pursuant to the RTEC Agreement, Benton will purchase a 100% interest in RTEC's Escape Lake property for $6 million CAD (the "Escape Lake Purchase Price"), subject to obtaining financing and receipt of regulatory approval. The Company is to obtain commitments for $4 million of the Escape Lake Purchase Price within 90 days of execution of the RTEC Agreement and closing of the acquisition and payment off the $6 million Escape Lake Purchase Price is to take place within 10 days of securing financing. RTEC will retain a 1% Net Smelter Royalty ('NSR') on the Escape Lake portion of the PGM Project.
Under the PAN Agreement, the Company will acquire PAN's wholly-owned Canadian subsidiary, Panoramic PGMs Canada Ltd., which holds the Thunder Bay North Project (the 'TBN Project') for $9 million CAD. The Company will have 60 days upon signing to complete a final purchase and sale agreement plus an additional 60 days to obtain financing and receive all requisite regulatory approvals for the transaction. Upon signing the final purchase and sale agreement, Benton will pay PAN a $250,000 deposit which will be offset against the purchase price. The TBN Project has an existing 3% NSR on a number of claims located within the claims package.
Closing of the purchase of the PGM Project is also contingent upon both RTEC and PAN mutually releasing each other from all future obligations from the earn-in with option to joint venture agreement that was in place.
Benton is currently considering several strategic options for financing that best serves shareholders of the Company and aggressively moves the PGM Project forward.