VANCOUVER, British Columbia, Aug. 10, 2017 (GLOBE NEWSWIRE) -- Benz Mining Corp. (TSX-V:BZ) (the “Company” or “Benz”), is pleased to announce an amendment to its previously announced non-brokered, private placement. The Company now plans to complete a non-brokered private placement of 3,000,000 units (each, a “Unit”) at a price of $0.20 per Unit, for gross proceeds of up to $600,000 (the "Private Placement"). Each Unit consisting of one common share in the capital of the Company (each a “Share”) and one whole common share purchase warrant (each a “Warrant”). Each Warrant will entitle the holder to purchase one Share (a “Warrant Share”) at a price of $0.35 per Warrant Share for a period of 24 months following closing.
The net proceeds from the Private Placement will be used for completion of the Phase I exploration program of Benz’s flagship Mel Zinc project near Watson Lake, Yukon and working capital.
All of the Shares issued pursuant to the Private Placement (including Warrant Shares issuable upon exercise of Warrants) will be subject to a four-month hold period from the date of issue. The Private Placement is subject to approval from the TSX Venture Exchange (the "Exchange").
After giving effect to the Private Placement, the Company will have an aggregate of 10,827,402 common shares issued and outstanding.
Warrant and Accelerator Clause
The Warrants are subject to an acceleration clause. If the closing price of the Company’s shares on the TSX Venture Exchange is at or above $0.55 per share for a period of twenty (20) consecutive trading days during the term of the Warrants, the Company may accelerate the expiry date of the Warrants to 30 calendar days from the date express written notice is given by the Company to the holder.
Completion of the private placement and any finder’s fees payable are subject to regulatory approval.
On behalf of the Board of Directors of Benz Mining Corp.
Miloje Vicentijevic, President and Chief Executive Officer
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the accuracy or adequacy of this release.