Wedoany.com Report on Feb 7th, Vancouver-based mining company Benz Mining Corp. announced the successful completion of a private placement, raising A$75 million (approximately C$71.2275 million) by issuing 32,327,587 fully paid CHESS Depositary Interests (CDIs) at a price of A$2.32 (C$2.20) per CDI. Each CDI represents one common share of the company. The proceeds will primarily be used to advance its gold exploration projects.
The funds will be primarily allocated to the Glenburgh Gold Project in Western Australia, which is considered an emerging district with multi-million-ounce potential. The use of funds includes RC and diamond drilling programs to expand the resource base; infill and extensional drilling on known mineralization areas within the Icon, Tuxedo, and Glenburgh systems; and follow-up exploration at the Egerton Project. Additionally, the funds will support geological studies, assay analysis, environmental approvals, and general operational expenses.
This financing was co-led by Euroz Hartleys Limited and SCP Resource Finance LP, who received a commission equivalent to 4% of the total financing amount, totaling A$3 million (approximately C$2.8491 million). Euroz Hartleys' fee was paid in cash, while SCP's fee was settled by issuing 646,552 Benz CDIs. The financing remains subject to final approval by the TSX Venture Exchange, and the related securities are subject to a four-month and one-day hold period in Canada.
Benz Mining Corp. is a gold-focused exploration company dually listed on the Toronto and Australian stock exchanges. In addition to the Glenburgh Project, the company holds the Eastmain Gold Project in Quebec and the Mt Egerton Project in Western Australia. The company emphasizes its expertise in geotechnics and exploration in high-grade metamorphic rock terrains, aiming to enhance global resource reserves.
Company CEO Mark Lynch-Staunton stated, "This financing provides the necessary capital to continue advancing our key projects, helping to accelerate resource exploration and development." For more information, please visit the company's official website or contact via email.
This news release contains forward-looking statements regarding the use of proceeds, project exploration plans, and regulatory approvals, among other matters. Actual results may differ due to factors such as market conditions and regulatory changes. Readers should refer to the company's filings on SEDAR+ and the ASX platform for detailed risk information.
