The Alberta-based explorer said Tuesday it was shaking the tin to expand 2020 drilling and then launch a 100,000m programme in 2021. It initially announced a $21 million raise.
The revised offering is for 28.5 million $1.30 shares, up to 3.2 million flow-through units issued at $1.56, and 3.4 million charity flow-through shares issued at $1. Benchmark's share price (TSXV: BNCH) was $1.42 at Wednesday's close, valuing the company at about C$169 million.
Meanwhile, Chesapeake Gold has closed a $20 million private placement at $5, supported by Eric Sprott who took 2.5 million shares for $12.5 million. Sprott now owns 15.5% of the company, up from 11.8% previously.
The company had also issued one million shares as part of the placement to The Sun Valley Master Gold Fund for $5 million.
The funds will be used to undertake metallurgical testwork and ongoing regional exploration at the world-class Metates gold-silver-zinc project in Mexico, and for general working capital. Metates hosts 18.5 million ounces gold, 526Moz silver and 4.2Blb zinc in proven and probable reserves.
Chesapeake's share price (TSXV:CKG) is up 87% in the year to date at $5.86, valuing it at $300 million.