Benchmark Metals begins trading on OTCQX; major financing underway
Benchmark Metals Inc. [BNCH-TSXV; BNCHF-OTCQX; 87CA-FSE] said Monday September 28 that its shares have begun trading on the OTCQX under the symbol BNCHF.
Benchmark said the OTCQX Market is designed for established, investor-focused U.S. and international companies. As a result, the upgrade to OTCQX from the OTCQB Venture Market will enable the company to build visibility among investors in the United States.
Benchmark shares were largely unchanged on Monday, rising 0.8% or $0.01 to $1.25 on volume of 103,662. Shares are currently trading in a 52-week range of $1.64 and 17 cents.
On September 25, 2020, Benchmark said it completed the first and second tranches of a private placement offering of hard dollar and flow-through units that is expected to raise $50.2 million. It said it expects to close the third and final tranche in the very near future.
Net proceeds will be used to fast-track the company’s Lawyers property in British Columbia towards a production decision in 2022. Lawyers is the company’s flagship asset and contains a former gold-silver mine that operated from 1989 to 1992, producing 171,000 ounce of gold and 3.6 million ounces of silver.
The Lawyers property is in the Toodoggone region of the Omineca Mining Division and covers 127 km2 of land that encompasses the Lawyers group of prospects, including the former Lawyers underground gold-silver mine and the Silver Pond group of prospects, and includes over 16 gold-silver mineral occurrences.
The property is situated 45 kmnorthwest of Centerra Gold Inc.‘s [CG-TSX; CAGDF-OTC] Kemess Copper-Gold mine, where underground development and construction is under way.
Exploration in the area began in the late 1960s and peaked in the 1980s, identifying numerous showings, prospects and deposits culminating in the development of the Lawyers gold-silver mine. Five underground developments remain in place, in addition to historical resources and new targets.
In July, 2019, Benchmarkwas granted a five-year work permit for its Lawyers property. The permit is for exploration and drilling and encompasses an expanded scope and scale to explore existing and new targets across the project area.
In September, 2019, Benchmark raised $7.5 million from a brokered private placement with Bay Street financier Eric Sprott owning up to19.98% in the company.
On Monday, Benchmark said major milestones and work programs planned at Lawyers over the next two years include permitting, engineering and baseline environmental activities already in progress. Those activities include expanded drilling (up to 100,000 metres in 2020), a mineral resource estimate and a PEA.