Edmonton – April 26, 2019 – Benchmark Metals Inc. (the “Company” or “Benchmark“) (TSX-V: BNCH) (OTCQB: CYRTF) (WKN: A2JM2X) – is pleased to announce a proposed non-brokered private placement of up to 9,090,909 flow-through shares at an offering price of $0.22 per share to raise gross proceeds of up to $2,000,000 (the “Offering”).
The net proceeds of the Offering will be used to incur qualifying Canadian exploration expenses (the “Qualifying Expenses”) on the Lawyers Property, British Columbia, and the Company will renounce the Qualifying Expenses to the subscribers. Each subscriber will be entitled to their pro rata share of the Qualifying Expenses renounced, a 15% federal tax credit and, if a BC resident, at least a 20% BC mining flow-through share tax credit, less any government assistance.
The Company may pay finder’s fees or commissions in connection with this placement, as permitted under the policies of the TSX Venture Exchange and as permitted by applicable securities legislation, which is expected to be equal to 7.0% of the gross proceeds raised, plus non-transferable share purchase warrants to acquire non flow-through common shares of the Company equal to 7.0% of the number of Flow-Through Shares sold to a purchaser or purchasers introduced by the finder(s), and exercisable by the finder(s) at $0.22 per share for a period of up to twelve (12) months from the Closing Date of the Private Placement. Warrants are only issuable in connection with the distribution to finders who are registered representatives.
About Benchmark Metals Inc.
Benchmark is a Canadian mineral exploration company with its common shares listed for trading on the TSX Venture Exchange in Canada, the OTCQB Venture Market in the United States and the Tradegate Exchange in Europe. Benchmark is managed by proven resource sector professionals, who have a track record of advancing exploration projects from grassroots scenarios through to production.
ON BEHALF OF THE BOARD OF DIRECTORS
s/ “John Williamson”
John Williamson, Chief Executive Officer
For further information, please contact:
Jim Greig, President
Tel: (604) 260-6977
NEITHER 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 ADEQUACY OR ACCURACY OF THIS RELEASE.
This news release may contain certain “forward looking statements”. Forward-looking statements involve known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Any forward-looking statement speaks only as of the date of this news release and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise.