Benton Resources Inc: Business description, financial summary, 3yr and interim financials, key statistics/ratios and historical ratio analysis.
Provider: Reuters Investment Profile
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Benton Resources Inc Enters Option to Purchase Four Additional Gold Deposits at Cape Ray, Newfoundland
Benton Resources Inc announced that the Company has entered into an option agreement with Tenacity Gold Mining Company Ltd. to purchase a 100% interest in four mining claims which encompasses the 04, 41, Isle Aux Mort and the Big Pond gold deposits located in southwest Newfoundland. Benton will, subject to regulatory approval, pay $400,000 and issue 1.5 million common shares on regulatory approval and issue a further 1.5 million common shares in 12 months (for a total of 3 million common shares). The claims being acquired are subject to a sliding scale net smelter returns royalty (NSR) on the production of metals: a 3% NSR on production when gold is below $2000 per ounce; a 4% NSR when gold is from $2,000 per ounce or more but less than $3000 per ounce subject to the right of Benton to buy back 1% for $500,000; and a 5% NSR when gold is $3000 or above subject to the right of Benton to buy back 1% for $500,000.
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