By Sheri Kasprzak
New York, May 12 - Benchmark Energy Corp. completed the second and last tranche of its previously announced private placement for total proceeds of C$2,136,000.
The company issued a total of 4,272,000 units at C$0.50 each.
The units consist of one share and one half-share warrant. Each whole warrant is exercisable at C$0.75 for one year.
In the most recent tranche, the company issued 1,903,000 units.
The first tranche closed March 30 for C$1,589,500.
Proceeds will be used for exploration on the company's Cosmos concession offshore Tunisia and for feasibility studies offshore and onshore Tunisia and West Africa. The rest will be used for working capital.
Calgary, Alta.-based Benchmark is an oil and natural gas exploration and development company.
| Issuer: | Benchmark Energy Corp.
|
| Issue: | Units of one share and one half-share warrant
|
| Amount: | C$2,136,000
|
| Units: | 4,272,000
|
| Price: | C$0.50
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | One year
|
| Warrant strike price: | C$0.75
|
| Settlement date: | May 12
|
| Stock symbol: | TSX Venture: BEE
|
| Stock price: | C$0.71 at close May 12
|
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