Benton Announces Key Dates for Closing of its Spin-Out Transaction
July 15 2012 - 5:36AM
PR Newswire (Canada)
Declaration of Distribution TSX-V: BTC THUNDER BAY, ON, July
17, 2012 /CNW/ - Benton Resources Corp. ("Benton" or the "Company)
is pleased to provide an update in respect of the closing of its
previously announced spin-out transaction (the "Spin-out") whereby
all of its assets, other than its interests in the Goodchild
Property, shares of Coro Mining Corp , and approximately
$730,000 in working capital, are to be spun-out to a new company to
be named Benton Resources Inc. (or "Newco", for the purposes of
this release). The TSX Venture Exchange (the "Exchange") has
informed management that the Spin-out will be effected pursuant to
a "due bill" trading process. In furtherance of this
settlement process, Benton wishes to provide the following key
dates to its shareholders. Each shareholder of Benton will receive
one common share of Newco for each share of Benton held on the
record date. The Company's common shares will commence
trading on a "due bill" basis on July 24, 2012 (trades of Benton's
common shares entered into during the term of the "due bill" will
allow the purchaser to receive the Newco common shares, rather than
the seller, even if those trades are settled after the record
date). The record date in respect of the Spin-out has been
set at July 26, 2012. The effective date of the Spin-out will
be July 27, 2012, and the distribution date will be July 31,
2012. "Due bill" trading will end on July 31, 2012, and on
Wednesday, August 1, 2012, the shares of Newco will commence
trading on the Exchange under the symbol BEX. Benton will be
renamed "Benton Capital Corp." and its common shares will trade on
an ex-distribution basis at the opening on August 1, 2012 under its
current symbol of BTC. Shareholders entitled to
receive Newco shares will receive
evidence of the electronic
registration of ownership of the
Newco shares under the
Direct Registration System adopted by
the Company's transfer agent, as soon
as practicable following
the effective date. Newco will receive all of the
exploration assets, remaining cash and equity positions of Benton
other than the Coro shares, the Goodchild Project, and the
approximately $730,000 in working capital being left behind.
Benton shareholders voted in favour
of the special resolution approving the
Spin-out on May 23, 2012. The Supreme
Court of British Columbia
issued a final order approving the Spin-out on June
4, 2012, and the transaction has received the
conditional approval of the Exchange. Listing
of Newco remains subject to receipt of final Exchange approvals. In
addition, the Company would like to inform shareholders that it has
formally terminated its option on the Sewell -West Timmins property
that was originally optioned in July 2011 (see the Company's
previously issued press release of August 10, 2011), and has
returned the project to the vendors. The Company no longer
has any interest, or any financial commitments, in respect of this
property. On behalf of the Board of Directors of Benton Resources
Corp., "Stephen Stares" Stephen Stares, President Neither the TSX
Venture Exchange nor its Regulation Services Provider (as that term
is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this press release.
Benton Resources Corp. CONTACT: 3250 Hwy 130, Rosslyn, ON P7K
0B1Tel: 807-475-7474 Fax: 807-475-7200www.bentonresources.ca
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