Benton Capital Corp.
TSX VENTURE : BTC

Benton Capital Corp.

November 20, 2014 15:21 ET

Benton Capital Provides Update on Acquisition of Folium Life Science Inc.

THUNDER BAY, ONTARIO--(Marketwired - Nov. 20, 2014) - Benton Capital Corp. (TSX VENTURE:BTC) ("Benton" or "the Company") would like to provide an update on its previously announced intent to acquire a 100% interest in Folium Life Science Inc. ("Folium"), a private company, with its head office located in Abbotsford, British Columbia. As stated in the Company's April 24, 2014 news release, the closing of the transaction is subject to obtaining all applicable regulatory and shareholder approvals in addition to Folium receiving its Ready-to-Build letter from Health Canada to become a Licensed Producer under the new Marihuana for Medical Purposes Regulations ("MMPR").

Folium received notice from Health Canada on April 9, 2014 that their application is at the personnel security checks phase (Stage 4). In addition, Health Canada indicated at that time that:

"The time required to conduct these security checks varies with each application and you can expect that it will take a few months. Health Canada and the RCMP will not be able to provide you with updates."

The Company and Folium have made numerous attempts to obtain a status update from Health Canada as well as the Federal Minister of Health to no avail and Benton cannot speculate as to when this approval will be received. Due to the fact that the Ready-to-Build letter was not received by November 15, 2014, the Company was required to return funds held in escrow related to a non-brokered private placement of subscription receipts plus pro-rata net interest earned on the funds to the underlying subscribers. Under Benton and Folium's current share exchange agreement, Folium has until December 31, 2014 to obtain its Ready-to-Build in order for Benton to complete the acquisition of Folium. Benton and Folium remain committed to completing the transaction and executing Folium's business strategy.

Stephen Stares, Company President and CEO commented, "We're very disappointed and frustrated with these unexplained delays by Health Canada in processing applications. The MMPR program was developed by Health Canada to add legitimacy, quality control and accountability on the part of producers in the medical cannabis field but at the same time have made this process seemingly unnavigable for applicants. The very process forces applicants to bear significant ongoing holding costs while they wait for an approval under no certain time frames and with no communication with respect to progress. To our knowledge there have been no new licenses granted under the MMPR program in quite some time which is troublesome for many companies such as ours that are faced with ongoing expenses and no real answers in sight."

Benton will continue to update shareholders as the acquisition of Folium progresses.

About Folium Life Science Inc.:

Folium Life Science Inc. is a private company incorporated under the Business Corporations Act (British Columbia), which carries on business exclusively in the Medical Marijuana sector. Folium's head office is located in Abbotsford, British Columbia. Folium has planned and negotiated for a production and distribution facility outside of Victoria, BC. Folium's application to become a Licensed Commercial Producer under Health Canada's Marihuana for Medical Purpose Regulations (MMPR) is currently under review by Health Canada.

About Benton Capital Corp.:

The Company has approximately $1.2 million in cash, holds 1,566,623 warrants of Coro exercisable at $0.15 until December 20, 2016. In addition, Benton holds no debt and has a very low burn rate. Benton also holds the Goodchild-PGM-Copper-Nickel project located less than 4km from Stillwater's Marathon Copper-PGM deposit which is currently under development near Marathon, Ontario.

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

Stephen Stares, President and CEO

THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

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.

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