Benz Mining Secures AU$13.5 Million to Advance Gold Exploration in WA

Highlights:

• Benz Mining (ASX: BNZ) raises AU$13.5 million to fast-track exploration at Glenburgh and Mt Egerton gold projects.
• Spartan Resources invests AU$2 million to maintain its 14.9% stake, pending shareholder approval.
• Funds to support drilling, scoping studies, and exploration across projects in Australia and Canada.

Funding to fast-track drilling and exploration at Glenburgh and Mt Egerton projects

Benz Mining Corp. (ASX: BNZ) has announced it has secured firm commitments to raise approximately AU$13.5 million through a placement aimed at accelerating exploration at its Glenburgh and Mt Egerton Gold Projects in Western Australia. The capital raising involves the issuance of 33,750,750 fully paid CHESS Depositary Interests (CDIs) at AU$0.40 per CDI. The placement attracted strong interest from a broad base of institutional, sophisticated, and professional investors, both domestically and internationally.

Spartan Resources Joins In to Maintain Stake

Benz’s largest shareholder, Spartan Resources Limited, is also participating in the placement to maintain its 14.9% equity stake. The company’s pro-rata participation—valued at approximately AU$2 million—is subject to shareholder approval and forms the second tranche of the placement.

Accelerating Exploration and Strategic Studies

The funds raised will be used to ramp up reverse circulation (RC) and diamond drilling at high-priority targets, including Zone 126 at Glenburgh, which recently yielded a significant gold discovery. Exploration at the Mt Egerton Project will also be initiated, with a focus on identifying high-grade, near-surface mineralisation. Additionally, Benz plans to allocate part of the proceeds to a scoping study at its Eastmain Gold Mine in Quebec and for general working capital.

Market Performance

At the time of writing, Benz Mining Corp. (ASX: BNZ) shares were trading at AU$0.42, with the placement price representing a 4.8% discount to the last close and an 11.2% premium to the five-day VWAP.

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