Benz Announces Closing of A$4M Financing

Toronto, Ontario--(Newsfile Corp. - November 13, 2024) - Benz Mining Corp. (TSXV: BZ) (ASX: BNZ) (Benz or the Company) is pleased to advise that, further to its announcement dated 6 November 2024, it has successfully completed the private placement of 18,181,820 CHESS Depository Interests (CDIs) at a price of A$0.22 per CDI to raise approximately A$4 million (before costs) (Placement). Each CDI represents one underlying common share in the Company on a one for one basis.

The Placement was previously announced in connection with the execution of a binding, conditional share purchase agreement (SPA) to acquire 100% of the Glenburgh Gold Project and Mt Egerton Gold Project, located in the Gascoyne region of Western Australia from Spartan Resources Limited (ASX: SPR) (Spartan) (Acquisition).

Net proceeds raised from the Placement will be used to:

• Complete the Acquisition;
• Support a rapid scale-up in gold exploration activities, including resource drilling and regional exploration target generation activities on the Glenburgh and Mt Egerton Projects; and
• General working capital.

The Placement is not conditional on completion of the Acquisition. If the Acquisition does not complete, the funds raised from the Placement will be used to undertake drilling activities on the Company's Eastmain Project and for general working capital purposes. Euroz Hartleys Limited acted as Sole Lead Manager and Bookrunner to the Placement and were paid a commission in the amount of A$220,000.02 (plus GST).

The Placement remains subject to the final approval of the TSX Venture Exchange. The securities issued in connection with the Placement are subject to a statutory hold period in Canada of four months and one day.

This announcement has been approved for release by the Board.

For more information please contact:

Mark Lynch-Staunton
Chief Development Officer
Benz Mining Corp.
E: [e-mail]
T: [phone]

 

About Benz Mining Corp.

Benz Mining Corp. (TSXV: BZ, ASX: BNZ) is a pure-play gold exploration company dual-listed on the TSX Venture Exchange and Australian Securities Exchange. The Company owns the Eastmain Gold Project in Quebec, with a NI 43-101 and JORC (2012) compliant mineral resource of 1,005,000 ounces at 6.1g/t Au, showcasing Benz's focus on high-grade, high-margin assets in premier mining jurisdictions.