Benz Mining (BZ) has raised gross proceeds of $10 million from the placement of 9,090,909 shares at a price of C$1.10 per share.
The gross proceeds will be used to fund exploration on the Eastmain Project in Quebec.
The placement was facilitated by Canadian flow-through share dealer, Peartree Securities Inc, and Peloton Capital Pty Ltd.
The company agreed to pay finders fees of 6 per cent cash and 909,090 broker warrants under the placement, with each broker warrant exercisable for one share at a price of C$0.65 for a period of two years from the date of issuance.
Benz Mining is a Toronto-based, Quebec-focused gold exploration company. Benz is earning a 100 per cent interest in the former producing high-grade Eastmain gold mine, Ruby Hill West and Ruby Hill East projects in Quebec.
Benz Mining Corp. (BZ) opened trading at C$0.61 per share.