VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb. 22, 2017) - Benz Mining Corp. (the "Company" or "Benz") (NEX:BZ.H), is pleased to announce a non-brokered private placement of up to 4,166,666 units (each, a "Unit") at a price of $0.12 per Unit, for gross proceeds of up to $500,000 (the "Private Placement"). Each Unit consisting of one common share in the capital of the Company (each a "Share") and one whole common share purchase warrant (each a "Warrant"). Each Warrant will entitle the holder to purchase one Share (a "Warrant Share") at a price of $0.15 per Warrant Share for a period of 24 months following closing.
The net proceeds from the Private Placement will be used to fund the identification and completion of a mineral property transaction and working capital.
All of the Shares issued pursuant to the Private Placement will be subject to a four-month hold period from the date of issue. The Private Placement is subject to approval from the NEX board of the TSX Venture Exchange (the "Exchange").
The Company is also pleased to announce the appointment of Mr. Michael Konnert to the Company's board of directors and to the management team in the capacity of VP Finance & Corporate Development. Mr. Konnert will be responsible for directing the Company's efforts relating to project acquisition, capital raising and capital markets awareness.
Mr. Konnert has nearly a decade of experience in the natural resources industry, specifically in executing successful corporate development and capital market strategies for leading mining companies. Mr. Konnert started his career with Pretium Resources in investor relations following their $265 million IPO, then moved to the role of Associate with Advanture Capital Partners, a mining focused merchant bank. Following that, he spent three years with Riverside Resources, a prospect generator. Most recently in a development role, Mr. Konnert helped grow SNL Financial's Metals and Mining arm, the industry's largest database, research and consulting group, toward their $2 billion merger with Standard and Poor's Capital IQ. After the sale of SNL, Mr. Konnert formed Mine Capital Corp., a private equity partnership, which acquires and develops mining assets. Mr. Konnert's specific skill set includes comprehensive investor communication, capital raising, restructuring and taking companies to market. He holds a Bachelor of Commerce from Royal Roads University and a Diploma in Entrepreneurship British Columbia Institute of Technology.
After giving effect to the Private Placement, the Company will have an aggregate of 6,474,772 common shares issued and outstanding.
On behalf of the Board of Directors of Benz Mining Corp.
Miloje Vicentijevic, President and Chief Executive Officer
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 accuracy or adequacy of this release.