Benchmark Metals Inc (CVE:BNCH) (OTCQX:BNCHF) has closed the third tranche of its private placement, the company announced Wednesday, earning gross proceeds of C$4.4 million.
The company issued more than 3.8 million hard dollar units, each containing one share and one-half a share purchase warrant at a price of C$1.30. Whole warrants entitled their holder to purchase an additional share at a price of C$1.80 until September 30, 2022.
With this tranche closed, Benchmark has completed the oversubscribed offering for total gross proceeds of more than C$50 million, which it plans to use to fast-track its Lawyers Gold-Silver Project towards a production decision in 2022.
READ: Benchmark Metals assembles heavy-weight development team as it advances Lawyers project towards PEA
"The size of this offering ranks among the top 10 equity financings of the year on the TSX Venture Exchange, with key support from several prominent new and existing investors, including major institutional investors,” CEO John Williamson said in a statement.
The TSX Venture Exchange also said Wednesday that it accepted the company's filing documentation related to the third and final tranche of the brokered private placement.
Edmonton-based Benchmark also graduated to the OTCQX Best Market this week in the US, where it will trade under the ticker symbol BNCHF.
“These are important milestones for the company as we continue to build broader visibility for the Lawyers Gold-Silver Project and our team,” Williamson added.
The OTCQX Best Market is designed for established, investor-focused US and international companies, the company said. To qualify for the OTCQX, companies must meet high financial standards, follow best practice corporate governance and demonstrate compliance with applicable securities laws.
—Updated to include acceptance notice from the TSXV—
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