Benz Announces Closing of A$75M Financing

Executive Summary

• Benz Mining Corp. successfully completed a private placement of 32,327,587 CHESS Depositary Interests (CDIs) at A$2.32 (C$2.20) per CDI, raising gross proceeds of A$75 million (≈ C$71.23 million).
• Proceeds will be used to accelerate RC and diamond drilling, resource growth, infill and extension programs at the Glenburgh Gold Project, as well as follow‑up work at the Egerton Project and related corporate/administrative costs.
• Joint Lead Managers Euroz Hartleys Ltd. and SCP Resource Finance LP received a combined 4% placement fee (A$3 million), with part of the fee paid in cash and part settled by issuing 646,552 Benz CDIs to SCP.

Key Details

• Placement Size: 32,327,587 new fully‑paid CHESS Depositary Interests (CDIs).
• Issue Price: A$2.32 per CDI (C$2.20 per CDI).
• Gross Proceeds: A$75,000,000 (≈ C$71,227,500) before costs.
• Use of Proceeds:
• Continuation and expansion of RC and diamond drilling at Glenburgh (resource growth, infill, extension of Icon, Tuxedo, broader system).
• Follow‑up drilling at Egerton Project.
• Geological & technical studies (assay analysis, modelling, interpretation, targeting).
• Drill access preparation, heritage clearances, environmental approvals, field costs across project portfolio.
• General corporate and administrative expenses to support ongoing operations and exploration.
• Lead Managers: Euroz Hartleys Limited and SCP Resource Finance LP acted as Joint Lead Managers.
• Placement Fees: Combined commission of 4% of gross proceeds = A$3,000,000 (C$2,849,100) plus GST.
• Cash portion payable to Euroz Hartleys.
• SCP’s fee satisfied by issuance of 646,552 Benz CDIs (valued at the same issue price).
• Additional Fee: A$100,000 (C$94,970) paid to Tamesis Partners LLP for services rendered.
• Regulatory Conditions: Placement remains subject to final approval by the TSX Venture Exchange; CDIs and underlying shares are under a statutory hold period of four months + one day in Canada.
• Currency Conversion Note: A$1 = C$0.9497 (Bank of Canada rate as of 2026‑01‑28).

Notable Quotes

(No direct quotes were provided in the release.)