By Devika Patel
Knoxville, Tenn., May 29 - Benchmark Energy Corp. announced it plans to raise C$4 million in a non-brokered private placement of units.
The company will sell up to 10 million units at C$0.40 apiece. Each unit consists of one common share and a half-share warrant. The whole warrants are exercisable at C$0.65 for one year.
Proceeds will be used to fund the company's obligations under an agreement with Infinity Oil Ltd. in which Benchmark has arranged to purchase up to a 35% participating interest in the Buena Vista block in Colombia. The remaining proceeds will be added to working capital.
Calgary, Alta.-based Benchmark is an oil and natural gas exploration and development company.
| Issuer: | Benchmark Energy Corp.
|
| Issue: | Units of one common share and a half-share warrant
|
| Amount: | C$4 million
|
| Units: | 10 million
|
| Price: | C$0.40
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | One year
|
| Warrant strike price: | C$0.65
|
| Agent: | Non-brokered
|
| Pricing date: | May 29
|
| Stock symbol: | TSX Venture: BEE
|
| Stock price: | C$0.43 at close May 28
|
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