THUNDER BAY, ON, Aug. 12 - Benton Resources Corp (BTC: TSX.V, "Benton" or "the Company") is pleased to announce that it has entered into a non-brokered financing agreement to issue up to C$2,300,000 in flow-through shares. The private placement will consist of a maximum of 4,600,000 flow-through shares issued at a price of$0.50 per share.
The private placement is expected to close before August 21, 2009, and is subject to regulatory approvals. The securities issued under this private placement are subject to a four month hold period from the closing date.
A cash finders' fee equal to 6.0% of the gross proceeds raised in the agreement will be paid by the Company to the Subscriber. As additional consideration, the Subscriber shall be issued Warrants exercisable for that number of common shares of the Corporation equal in number to 6% of the number of Flow-Through Shares sold under the agreement. The Warrants will be exercisable at a price of$0.50 per common share for a period of 18 months after the Closing Date.
The proceeds from the agreement will be used for upcoming diamond drill programs on the Company's Copper Hill Block A and Saganaga gold properties.
Clinton Barr (P.Geo.), V.P. Exploration for Benton Resources Corp., is the qualified person responsible for this release.
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On behalf of the Board of Directors of Benton Resources Corp.,
"Stephen Stares"
Stephen Stares, President
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
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Forward-looking statements in this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties.
For further information: Stephen Stares @: 611 Montreal Street, Thunder Bay, ON, P7E 3P2, Phone (807) 475-7474, Fax (807) 475-7200, www.bentonresources.com; Investor relations: In Canada: First Canadian Capital, Daniel Boase, Phone (416) 742-5600, Fax (416) 742-6410
