Source: Benchmark Metals.
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  • Benchmark Metals has closed its bought deal financing for aggregate gross proceeds of $40,266,720
  • Benchmark issued a total of 12,000,000 units 1,920,000 flow-through units and 18,216,000 charity flow-through units
  • The net proceeds raised will be used to fund ongoing project development expenditures at the company’s Lawyers Gold-Silver Project in B.C.
  • Benchmark Metals is a Canadian-based gold and silver exploration company
  • Benchmark (BNCH) is up 0.935 per cent and is trading at $1.08 per share as of 10:44 am EST

Benchmark Metals (BNCH) has closed its previously announced bought deal financing for aggregate gross proceeds of $40,266,720.

Yamana Gold Inc. participated in the offering and as a result, will own approximately 3.99 per cent of Benchmark.

CEO John Williamson commented,

“Following the offering, we will have more than $50 million available to explore and advance the Lawyers Gold-Silver Project. The company is encouraged by the significant participation in the offering from existing shareholders and is pleased to welcome Yamana Gold as a new investor in Benchmark. The investment by Yamana is an important endorsement of the Lawyers Gold-Silver Project from a major precious metal producer and mine developer that has an established reputation and track record operating and developing world-class mines throughout the Americas in Tier 1 mining jurisdictions.

We look forward to a positive working relationship with Yamana as we reach near-term milestones including an updated Mineral Resource Estimate and a Preliminary Economic Assessment (PEA).”

Executive Chairman Peter Marrone at Yamana Gold Inc. commented,

“Yamana’s investment in Benchmark Metals recognizes the significant technical strengths of management and equally significant technical merits of its project along with an immediate value proposition, with upcoming milestones that will further enhance that value and future potential.”

The offering was led by PI Financial Corp. and Sprott Capital Partners LP on behalf of a syndicate of underwriters that included Cormark Securities Inc. and Clarus Securities Inc.

Benchmark issued a total of 12,000,000 units 1,920,000 flow-through units and 18,216,000 charity flow-through units, which includes the exercise of the overallotment option granted to the underwriters.

Each unit, FT unit and charity FT unit consists of one common share and one-half of one transferable common share purchase warrant. 

The net proceeds raised will be used to fund ongoing project development expenditures at the company’s Lawyers Gold-Silver Project, and for working capital and general corporate purposes.

Benchmark Metals is a Canadian-based gold and silver exploration company.

Benchmark (BNCH) is up 0.935 per cent and is trading at $1.08 per share as of 10:44 am EST.

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