Benchmark Metals (BNCH-V) Nov 7, '18 news release of Aug. 21, 2018, announcing the amendment to the exercise price of certain outstanding common share purchase warrants to purchase 2,098,315 common shares to 22.5 cents per share, the company has given notice of its exercise of the right to accelerate the expiry date of such warrants.
These warrants were originally issued at a price of 54 cents per share with an expiry date of June 28, 2019, pursuant to a private placement of 6,295,000 preconsolidated shares with 6,295,000 share purchase warrants attached. Following a one-for-three share consolidation and the repricing to 22.5 cents per share, this series of warrants became subject to an exchange-imposed acceleration provision that, should the closing price of the common shares of the company on the exchange be 28 cents or higher for 10 consecutive trading days (which has now occurred), the company may accelerate the expiry of the warrants to the date that is 30 days from the date of notice by the company announcing the exercise of the acceleration right.
The company has elected to accelerate the expiry of the warrants to Dec. 10, 2018. Any warrants from this series that remain unexercised after that date will have no further force or effect.
Assuming all of the warrants are exercised, the company will receive proceeds of approximately $472,121 for the company's working capital purposes.
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 German Stock Exchanges in Europe.
ON BEHALF OF THE BOARD OF DIRECTORS
s/ “John Williamson”
John Williamson, Chief Executive Officer
For further information, please contact:
Jim Greig, President
jimg@BNCHmetals.com
Tel: (604) 260-6977 |
