Benz raises funds for Quebec exploration
PERTH (miningweekly.com) – ASX- and TSX-V-listed Benz Mining will raise nearly C$12-million in a brokered private placement to fund exploration work at its Upper Eastmain project in Quebec.
The company on Tuesday announced it had received firm commitments from institutional, professional and sophisticated investors for the placement of Chess Depositary Interests (CDIs).
Some 11.87-million CDIs will be placed at a price of C$0.84 each, qualifying as flow-through shares under Canada’s Income Tax Act, representing a 90% premium to the company’s last closing price on the TSX-V on September 4, while a further 4.55-million CDIs will be issued at a price of C$.042 a share, representing a 4% discount to the company’s last closing price.
The 16.43-million CDIs under offer were issued at an average price of C$0.73 each, representing a 65% premium to Benz’s last trading price.
“The strong support shown for this capital raising on such compelling terms is very pleasing. The next six months have the potential to be transformational for Benz as we release our new mineral resource for the Eastmain project in the fourth quarter of 2022 and embark on one of the largest drilling campaigns we have undertaken since acquiring the project,” said chairperson Evan Cranston.
“We believe the Upper Eastmain Greenstone Belt has the potential to host significant gold, lithium and base metal deposits and this funding goes a long way to proving this. C$7-million of this funding will be spent on critical mineral exploration targeting the battery metal thematic, with the remaining C$3-million to be spent on gold only exploration, expanding on the extensive gold mineralisation defined in 2021.”
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