Edmonton – November 6, 2018 – Benchmark Metals Inc. (the “Company” or “Benchmark”) (TSX-V: BNCH) – Further to the Company’s News Release of August 21, 2018 announcing the amendment to the exercise price of certain outstanding common share purchase warrants to purchase 2,098,315 common shares (the “Warrants”) to $0.225 per share, the Company has given notice of its exercise of the right to accelerate the expiry date of such Warrants.
These warrants were originally issued at a price of $0.54 per share with an expiry date of June 28, 2019 pursuant to a private placement of 6,295,000 pre-consolidated shares with 6,295,000 share purchase warrants attached. Following a one-for-three (1:3) share consolidation and the repricing to $0.225 per share, this series of Warrants became subject to an Exchange imposed acceleration provision that, should the closing price of the common shares of the Company on the Exchange be $0.28 or higher for ten consecutive trading days (which has now occurred), the Company may accelerate the expiry of the Warrants to the date that is 30 days from the date of notice by the Company announcing the exercise of the acceleration right.
The Company has elected to accelerate the expiry of the Warrants to December 10, 2018. Any Warrants from this series that remain unexercised after that date will have no further force or effect.
Assuming all of the Warrants are exercised, the Company will receive proceeds of approximately $472,121 for the Company’s working capital purposes.
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 German Stock Exchanges 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.