By Devika Patel
Knoxville, Tenn., Aug. 29 - Benem Ventures Inc. announced that it plans a brokered private placement of shares to raise at least C$2 million.
Benem plans to sell 1 million non-flow through shares at C$0.50 apiece and 3 million flow-through shares at C$0.75 each.
Proceeds will be used for exploration and development.
Benem Ventures is a Vancouver, B.C.-based shell company that will be engaged in mining following its acquisition of Velocity Resources Canada Ltd., after which it will own a 100% interest in certain mineral claims now owned by Velocity. The acquisition is expected to close upon receipt of regulatory, corporate and shareholder approval.
| Issuer: | Benem Ventures Inc.
|
| Issue: | Stock
|
| Amount: | C$2 million (minimum)
|
| Shares: | 1 million non-flow through shares, 3 million flow-through shares
|
| Price: | C$0.50 (non-flow through shares); C$0.75 (flow-through shares)
|
| Warrants: | No
|
| Pricing date: | Aug. 29
|
| Stock symbol: | TSX Venture: BNM-H
|
| Stock price: | C$0.42 at close Aug. 28
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