Edmonton, Alberta--(Newsfile Corp. - June 7, 2019) - Benchmark Metals Inc. (TSXV: BNCH) (OTCQB: CYRTF) (WKN: A2JM2X) (the "Company" or "Benchmark") - proposes to complete a non-brokered private placement of up to 11,111,111 units (the "Units") at an offering price of $0.45 per Unit, to raise gross proceeds of up to $5.0 million (the "Offering"). Each Unit will consist of one (1) common share of the Company and one-half (1/2) of a share purchase warrant (the "Warrants"). Each whole Warrant will be exercisable to acquire one additional common share at an exercise price of $0.55 per share for a period of two (2) years from the date of closing of the Offering. In the event that the common shares of the Company trade at a closing price greater than $0.65 per share for a period of 10 consecutive trading days, then the Company may deliver a notice to the Warrant holders that they must exercise their Warrants within the next 30 days, or the Warrants will expire. The net proceeds from the Offering will be used to finance further exploration expenditures over the next 12 months on the Lawyers Property, and to provide the Company with working capital for general and administrative expenses. The terms of the Offering are subject to the acceptance of the Exchange.
The Company may pay finder's fees or commissions in connection with this placement, as permitted under the policies of the TSX Venture Exchange and as permitted by applicable securities legislation.
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 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.
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.
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