Key Developments: Benton Capital Corp (BNRJF.PK)
0.04USD
20 May 2013
$0.00 (+15.99%)
$0.03
$0.03
$0.04
$0.03
8,500
3,631
$0.31
$0.03
Latest Key Developments (Source: Significant Developments)
Gold Royalties Corp Withdraws Unsolicited Offer For Benton Capital Corp
Benton Capital Corp announced that unsolicited offer by Gold Royalties Corporation to acquire 100% of the outstanding shares of Benton for an all-share consideration of 0.133 shares of Gold Royalties for each share of Benton Capital Corp. As announced in a Gold Royalties press release dated March 27, 2013, Gold Royalties has withdrawn intent to make an offer to acquire 100% of the outstanding shares of Benton. Full Article
Gold Royalties Corp Intends to Acquire Benton Capital Corp
Gold Royalties Corp announced that it intends to make an offer to acquire 100% of the outstanding shares of Benton Capital Corp (BTC) for all-share consideration on the basis of 0.133 shares of Gold Royalties (the Exchange Amount) per outstanding BTC share (the Proposed Transaction). The Exchange Amount equates to a market-equivalent of $0.10 per issued BTC share in GRO equity, a 100% premium to the closing price of BTC as at March 20, 2013. The offer will be made by way of a formal offer and takeover bid circular to be mailed to shareholders of BTC and will be subject to various conditions, including receipt of all required regulatory approvals, termination or waiver of BTC's shareholder rights plan and not less than 66 2/3% of the BTC shares being deposited under the offer and not withdrawn. Further details concerning the offer will be included in the formal offer and takeover bid circular. Full Article
Benton Resources Corp Initiates Diamond Drilling On Elizabeth Anne Gold Project In California
Benton Resources Corp announced that the Company has initiated a diamond drilling program on the recently acquired Elizabeth Anne gold project located approximately 19km west of the Mountain Pass rare earth mine in San Bernardino County, California. The Company believes that the Property lies within the southern part of the Walker Lane Gold Belt which hosts several multi-million ounce gold deposits. This first phase drill program consists of approximately 1,400 metres of drilling in five holes and will test areas of anomalous surface sampling which returned values of up to 73 grams per tonne gold. Benton has obtained all the permits required for prospecting, mapping and drilling for the current program. The Company can earn a 100% interest in the Property by paying $1.2 million over 13 years subject to a 3% Net Smelter Royalty (NSR) of which Benton has the right to purchase 50% of the NSR (1.5%) for $1.5 million and holds a Right of First Refusal to match any offer on the other 1.5% NSR. Full Article
Benton Resources Corp Receives Conditional Approval For Spin-Out; Announces Name Change
Benton Resources Corp announced that it has received conditional approval from the TSX Venture Exchange for previously announced spin-out transaction. Pursuant to a plan of arrangement and subject to obtaining requisite shareholder and court approvals, Benton will spin-off all of assets, other than approximate 57,866,754 million shares of Coro Mining Corp. Goodchild Project, and approximately $730,000 in working capital, to a new company to be named Benton Resources Inc. Newco will receive all of the exploration assets, remaining cash and equity positions of Benton other than the Coro shares, the Goodchild Project, and the approximately $730,000 in working capital being left behind. On the effective date of the Arrangement, which will occur shortly after shareholder approval for the spin-out is obtained, shareholders of Benton will receive one new common share of Benton and one new common share of Newco for each share of Benton that they held prior to the Effective Date. The Company will seek shareholder approval for the spin-out transaction at previously scheduled AGM to be held on May 23, 2012, from shareholders of record on April 18, 2012. On the Effective Date, Benton will be renamed Benton Capital Corp. Full Article
Benton Resources Corp Acquires Gold Project In US
Benton Resources Corp announced that the Company has entered into a letter of intent (LOI) to acquire a 100% interest in the Elizabeth Anne Gold Project located approximately 19km west of the Mountain Pass rare earth mine in California. Management believes this project lies within the southern extension of the Walker Lane Gold Belt, which hosts several multi-million ounce gold deposits throughout Nevada and California. Sampling by the vendor returned values up to 73 grams per tonne (gpt) gold, while recent sampling completed by Benton returned surface grab samples grading up to 3.6gpt gold along with anomalous values of silver, bismuth, mercury and arsenic--standard trace elements used by gold companies to locate epithermal gold systems within the Walker Lane Gold Belt. Since 2009, only two shallow holes have been drilled on this project, one of these holes returning several anomalous values up to 0.45gpt gold over 8.4 metres within intense illite alteration that continued to the bottom of that drill hole. The project has all necessary permits in place for prospecting, mapping and a first phase drill program. Benton can earn a 100% interest by paying $1.2 million in cash over 13 years, which includes an upfront payment of $40,000 on signing for the first year, and subject to a 3% net smelter royalty (NSR) (which Benton will have the right to buy back half of for $1.5 million, and hold a right of first refusal to match any offer on the remaining 1.5% NSR). Full Article
Benton Resources Corp Commences Drilling At Abernethy Gold Project
Benton Resources Corp announced that it has commenced diamond drilling on its 100% owned Abernethy gold project located 10km southwest of Kenora, Ontario. The property covers several historically defined electromagnetic responses associated with gold in soils geochemistry. One of these zones has a strike length of at least 640 metres and up to 210 metres wide and was tested with 3 historical drill holes returning grades up to 17.8 gpt gold over 1.52 metres and 6.30 gpt gold over 6.1 metres associated with heavy pyrrhotite and pyrite mineralization (see Benton's PR dated April 18.2011). The current drill program will consist of approximately 1000 metres in 6-7 holes to test the zone over a 200-250 meter strike length. The first hole (ABE-11-01) is located approximately 100 meters east of the historical drilling. Although currently still in progress, the top of this hole intersected 39m of massive sulphide (60% pyrrhotite, 5% pyrite) from 1.5m to 40.5m, just below the casing. The core is currently being split with the samples being submitted to the lab for assay as soon as possible. Pictures of the core can be seen on the Company's website. Full Article
Benton Resources Corp Updates On Spin-Out Proposal
Benton Resources Corp announced that the Board of Directors has set the date for its annual, general and special meeting of Benton shareholders to consider the spin-out transaction previously announced on March 29, 2011. The Board has set September 6, 2011 as the record date and October 11, 2011 as the date for the Meeting. Pursuant to a plan of arrangement (the Arrangement) and regulatory approvals, Benton intends to spin-off all of its assets, other than its 57,866,754 shares of Coro Mining Corp. (Coro), sufficient working capital to maintain operations and such other assets as may be required to maintain operations or are required by the TSX Venture Exchange to a new company (referred to as Newco for the purposes of this release). On the effective date of the Arrangement (the effective date), shareholders of Benton will receive one new common share of Benton and one new common share of Newco for each share of Benton that they held prior to the effective date. Following the effective date, both the common shares of Benton and Newco are expected on trade on the TSX Venture Exchange. Full Article
Earnings vs. 
Estimates
Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Thomson Reuters journalists are subject to an Editorial Handbook which requires fair presentation and disclosure of relevant interests.
NYSE and AMEX quotes delayed by at least 20 minutes. Nasdaq delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here.
