Business & Finance
Wed, June 23, 2010Tue, June 22, 2010Mon, June 21, 2010Sun, June 20, 2010Sat, June 19, 2010Fri, June 18, 2010Thu, June 17, 2010Wed, June 16, 2010Tue, June 15, 2010Benton Announces Normal Course Issuer Bid
Published in Business and Finance on Friday, June 18th 2010 at 8:30 GMT by Market Wire
THUNDER BAY, ONTARIO--(Marketwire - June 18, 2010) - Benton Resources Corp. ("Benton" or the "Company") (TSX VENTURE:BTC) announces that it intends to make a normal course issuer bid (the "Bid"), to purchase, through the facilities of the TSX Venture Exchange (the "Exchange"), certain of its outstanding common shares.
The number of common shares intended to be purchased through the facilities of the Exchange during the period of the Bid from June 18, 2010 to June 18, 2011 will not exceed 5,000,000 common shares, or approximately 6.6% of the total of 75,736,531 common shares outstanding. The actual number of shares that may be purchased and the timing of any such purchases will be determined by Benton.
Purchases pursuant to the Bid will be conducted through RBC Securities Inc. and the price that Benton will pay for the shares will be the market price at the time of the purchase. All shares purchased under the Bid will be cancelled.
The Board of Benton believes that recent market prices of the Company's shares do not properly reflect the underlying value of the Company. With the Company's exploration properties, its holdings of approximately 37% of the issued shares of Coro Mining Corp., 5% of the issued shares of Marathon PGM Corporation, and a treasury of $9.4 million, the Board believes that the Bid is in the best interest of the shareholders. The Bid will provide some liquidity for those shareholders who wish to dispose of their shares and enhance the potential future value of the shares which remain outstanding.
The proposed Bid remains subject to the prior acceptance of the Exchange. Following acceptance by the Exchange, shareholders may obtain a copy of the completed Bid notice, without charge, by contacting the Company.
On behalf of the Board of Directors of Benton Resources Corp.
Stephen Stares, President
Forward-looking statements in this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties.
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
