Benton receives conditional OK for $2.4M placement

Executive Summary

• Benton Resources Inc. has closed the first tranche of its private placement financing, raising $1,835,510 in gross proceeds.
• The company received conditional approval for the total $2.4-million financing, with the remaining amount expected to close upon final TSX Venture Exchange approval.
• Proceeds will be used to advance the company's Newfoundland projects and for general working capital.

Key Details

• Transaction Structure: First tranche of a private placement consisting of 33,372,910 units.
• Unit Price: 5.5 cents per unit.
• Gross Proceeds: $1,835,510.
• Total Financing Target: $2.4 million (conditional approval received; subject to final TSX Venture Exchange approval).
• Warrant Terms: Each unit includes one common share purchase warrant. Each warrant allows the holder to acquire one additional common share at an exercise price of 10 cents for a period of five years from the date of issue.
• Use of Proceeds: Advancement of Newfoundland projects and general working capital.
• Restrictions: All securities issued are subject to a four-month hold period from the date of issue.
• Qualified Person: Stephen House (PGeo), Vice-President of Exploration, approved the scientific and technical disclosure under National Instrument 43-101.

Notable Quotes

• No direct quotes from the CEO or President were included in the provided text.