Benton Resources (BEX) has closed its previously announced non-brokered flow-through private placement.
The company will issue 11,250,000 flow-through units at a price of $0.20 per unit for gross proceeds of $2,250,000. Each unit consists of 1 flow-through common share and one-half of one common share purchase warrant. Each whole warrant entitles the holder to acquire an additional common share at $0.25 for 36 months from the date of issue.
Eric Sprott acquired 10,000,000 flow-through units under the offering. Mr. Sprott beneficially owns or controls 10,000,000 common shares of Benton Resources and 5,000,000 share purchase warrants. Prior to the offering, Mr. Sprott did not beneficially own or control any securities of the company.
The gross proceeds from the sale of flow-through units will be used for exploration expenses on the company's mining projects.
Benton Resources will pay a finders' fee consisting of units and compensation warrants.
Benton Resources is a Canadian-based project generator with a diversified property portfolio in Gold, Silver, Nickel, Copper, and Platinum group elements.
Benton Resources Inc. (BEX) opened trading at C$0.225 per share.