Benchmark Metals Announces Upsize to Previously Announced Bought Deal Private Placement to $33.6 Million

Edmonton – November 15 , 2021 – Benchmark Metals Inc. (the “Company” or “Benchmark“) (TSX-V: BNCH) (OTCQB: BNCHF) (WKN: A2JM2X) – is pleased to announce that it has entered into an amendment with the syndicate of underwriters led by (the “Underwriters”) led by PI Financial Corp. (“PI Financial”) and Sprott Capital Partners LP (“Sprott Capital”) to increase the size of the private placement from approximately C$30.0 million to approximately $33.6 million (the “Offering”).

Pursuant to the amended terms, the Underwriters have now agreed to purchase 10,000,000 units (the “Units”), 1,600,000 flow-through units (the “FT Units”), and 15,180,000 charity flow-through units (the “Charity FT Units”). Each Unit will be sold at a price of C$1.00 (the “Unit Offering Price”) and consist of one (1) common share and one-half (1/2) of one transferable common share purchase warrant (each whole such common share purchase warrant, a “Warrant”). Each FT Unit will be sold at a price of C$1.25 and consist of one flow-through common share and one-half (1/2) of one Warrant to be issued on a non-flow through basis. Each Charity FT Unit will be sold at a price of C$1.42 and consist of one charity flow-through common share and one-half (1/2) of one Warrant to be issued on a non-flow through basis. Each Warrant shall be exercisable into one additional common share for twenty-four (24) months from the date of closing of the Offering (the “Closing Date”) at an exercise price of C$1.55.

The Units, FT Units, and Charity FT Units will be offered by way of a private placement pursuant to exemptions from the prospectus requirements to residents of the Provinces of British Columbia, Alberta, Saskatchewan, Ontario and such other jurisdictions as may be agreed to by the Company and the Underwriters.

The Company has also granted the Underwriters an option to increase the size of the offering (the “Underwriters’ Option”), which will allow the underwriters to offer up to an additional 20% of the Offering, on the same terms. The Underwriters’ Option may be exercised in whole or in part at any time prior to the closing of the Offering, in any combination of Units, FT Units, and Charity FT Units.

The Offering is expected to close on or about December 9, 2021 or such other date as agreed between the Company and the Underwriters, and is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory approvals. The Units, FT Units, and Charity FT Units are subject to a four month and a day hold period from the Closing Date.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

About Benchmark Metals

Benchmark Metals Inc. is a Canadian mineral exploration company focused on proving and developing the substantial resource potential of the Lawyer’s Gold-Silver Project, located in the prolific Golden Horseshoe of northern British Columbia, Canada.  The Company trades on the TSX Venture Exchange in Canada, the OTCQX Best 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.

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