Benton Capital Corp.

Benton Capital Corp.

August 01, 2014 11:37 ET

Benton Capital Completes Distribution of Coro Mining Shares Pursuant to Its Plan of Arrangement

THUNDER BAY, ONTARIO--(Marketwired - Aug. 1, 2014) - Benton Capital Corp. (TSX VENTURE:BTC) ("Benton" or the "Company") is pleased to announce that it has completed its distribution of 61 million common shares of Coro Mining Corp. (TSX:COP) ("Coro") on July 24, 2014 pursuant to its previously announced plan of arrangement (the "Arrangement"). Pursuant to the Arrangement, shareholders of Benton received 0.7998 shares of Coro for every one (1) share of Benton held as of the record date of July 11, 2014.

The initial cost basis for the Coro shares received as part of the Arrangement is $0.07 per Coro share (denominated in Canadian currency), the fair market value on July 24, 2014 determined by averaging the high and low TSX trading prices of Coro on that day.

According to the disclosure provided by the Company in its Management Information Circular dated June 6, 2014 and filed on SEDAR, the Company is not expected to be deemed to have paid, and no Resident Holder is expected to be deemed to have received, a dividend as a result of the distribution of Coro Shares pursuant to the Arrangement (refer to pages A20 through A29 of the Management Information Circular for income tax considerations). Benton shareholders are advised to consult their tax advisors to determine the particular tax consequences to them of participating in the Arrangement and the acquisition, ownership and disposition of the Coro shares acquired pursuant to the Arrangement.

About Benton Capital Corp.:

The Company currently has approximately $1.5 million in cash. In addition to the cash, the Company holds 1,566,623 warrants of Coro Mining Corp. exercisable at $0.15 until December 20, 2016. In addition, Benton holds the Goodchild Copper-Nickel-PGM project located 5km NE of Stillwater Mining's Marathon Copper-PGM deposit, has no debt and has a very low burn rate.

On behalf of the Board of Directors of Benton Capital Corp,

Stephen Stares, President and CEO


The information contained herein contains "forward-looking statements" within the meaning of applicable securities legislation. Forward-looking statements relate to information that is based on assumptions of management, forecasts of future results, and estimates of amounts not yet determinable. Any statements that express predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance are not statements of historical fact and may be "forward-looking statements."

Forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking statements, including, without limitation: risks related to failure to obtain adequate financing on a timely basis and on acceptable terms; risks related to the outcome of legal proceedings; political and regulatory risks associated with mining and exploration; risks related to the maintenance of stock exchange listings; risks related to environmental regulation and liability; the potential for delays in exploration or development activities or the completion of feasibility studies; the uncertainty of profitability; risks and uncertainties relating to the interpretation of drill results, the geology, grade and continuity of mineral deposits; risks related to the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses; results of prefeasibility and feasibility studies, and the possibility that future exploration, development or mining results will not be consistent with the Company's expectations; risks related to gold price and other commodity price fluctuations; and other risks and uncertainties related to the Company's prospects, properties and business detailed elsewhere in the Company's disclosure record. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements. Investors are cautioned against attributing undue certainty to forward-looking statements. These forward looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances. Actual events or results could differ materially from the Company's expectations or projections.

Contact Information

  • Benton Capital Corp.
    Stephen Stares
    President and CEO
    (807)475-7200 (FAX)