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Benchmark more than doubles placement to C$48M

Benchmark Metals has more than doubled the size of a private placement with investors led by Sprott Capital Partners to C$48 million as it seeks to ramp up exploration and development in British Columbia's Golden Triangle.
Benchmark more than doubles placement to C$48M Benchmark more than doubles placement to C$48M Benchmark more than doubles placement to C$48M Benchmark more than doubles placement to C$48M Benchmark more than doubles placement to C$48M

Canada-based public companies continue to raise substantial funds late into the season

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.