Benton Resources Inc. Updates Vinland Shares Spin-Out

Rhea-AI Summary

Benton Resources has completed its planned spin-out of Vinland Lithium shares. Shareholders owning at least 5,000 Benton shares will receive approximately 50 Vinland shares for each 5,000 Benton shares held, effective April 30, 2025.

Key details:

• Benton will distribute 2,025,126 Vinland common shares to shareholders while retaining 2,000,000 shares
• Vinland has approximately 10,000,000 total issued shares
• Sokoman Minerals will spin out the same number of Vinland shares to its shareholders
• New Benton shares will trade under security number CA0832971018

The transition will occur on April 30, 2025, when New Benton shares begin trading on the Exchange. Old Benton shares will be delisted on April 29, 2025. While Vinland shares won't be listed immediately, the company has applied for Exchange listing. Shareholders with less than 5,000 Benton shares won't receive Vinland shares.

Positive

• Completion of planned Vinland Lithium share spin-out to eligible shareholders
• Benton retains 2,000,000 Vinland shares after distribution
• Shareholders with 5,000+ Benton shares receive ~50 Vinland shares per 5,000 shares held
• Vinland has made application for separate exchange listing

Negative

• Small shareholders (under 5,000 shares) excluded from Vinland distribution
• No immediate exchange listing for Vinland shares post spin-out
• Delisting of old Benton shares from exchange on April 29, 2025

Thunder Bay, Ontario--(Newsfile Corp. - April 28, 2025) - Further to its April 25, 2025 news release, Benton Resources Inc. (TSXV: BEX) ("Benton" or the "Company") announces that the Company's planned spin-out of approximately half of its shares of Vinland Lithium Inc has been completed. Accounts holding at least 5,000 Benton shares will see approximately 50 Vinland shares credited for each 5,000 Benton shares owned with the credit effective Wednesday April 30, 2025.

Details of the spin-out are contained in the Company's February 4, 2025 Management Information Circular, filed under the Company's profile on SEDAR+. Benton will spin-out to its shareholders a total of 2,025,126 common shares of Vinland and will continue to hold 2,000,000 Vinland shares. Vinland has approximately 10,000,000 issued shares. Sokoman Minerals Corp. will also be spinning out the same number of Vinland shares to its shareholders. Benton shares after the spin-out are herein "New Benton" shares are are identical to Benton shares currently listed ("Old Benton"), except that they are post-spin-out of Vinland. New Benton shares have a new identifying security number CA0832971018.

No Vinland Shares will be listed on the Exchange on closing of the Plan of Arrangement; however, Vinland has made a separate application to the Exchange for listing of the Vinland Shares. The Benton New Common Shares will be listed on the Exchange at market open on Tuesday April 30, 2025, and the Benton Old Common Shares will be delisted from the Exchange effective close of business April 29, 2025. Accounts holding less than 5,000 Benton shares will not participate in the Vinland share distribution.

About Benton Resources Inc.

Benton Resources is a well-financed mineral exploration company listed on the TSX Venture Exchange under the symbol BEX. Benton has a diversified, highly prospective property portfolio and holds large equity positions in other mining companies that are advancing high-quality assets. Whenever possible, BEX retains net smelter return (NSR) royalties with the potential for long-term cash flow.

Benton is focused on advancing its high-grade Copper-Gold Great Burnt Project in central Newfoundland, which has a Mineral Resource estimate of 667,000 tonnes @ 3.21% Cu Indicated and 482,000 @ 2.35% Cu Inferred. The Project has an excellent geological setting covering 25km of strike and boasts six known Cu-Au-Ag zones over 15km that are all open for expansion. Further potential for discovery is excellent given the extensive number of untested geophysical targets and Cu-Au soil anomalies. Phase 1 and 2 drill programs returned impressive results including 25.42 m of 5.51% Cu, including 9.78 m of 8.31% Cu, and 1.00 m of 12.70% Cu.

On behalf of the Board of Directors of Benton Resources Inc.,

"Stephen Stares"

Stephen Stares, President

Parties interested in seeking more information about properties available for option can contact Mr. Stares at the number below.

For further information, please contact:

Stephen Stares, President & CEO
Phone: 807-474-9020
Email: sstares@bentonresources.ca

Nick Konkin, Investor Relations
Phone: 647-249-9298 ext. 322
Email: nick@grovecorp.ca

Website: www.bentonresources.ca
Twitter: @BentonResources
Facebook: @BentonResourcesBEX

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; and other risks and uncertainties related to the Company's prospects, properties and business detailed elsewhere in the Company's disclosure record. 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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/249997

FAQ

How many Vinland Lithium shares will Benton Resources (BNTRF) distribute in the April 2025 spin-out?

Benton Resources will distribute 2,025,126 common shares of Vinland Lithium to eligible shareholders, while retaining 2,000,000 Vinland shares after the spin-out.

What is the minimum Benton Resources (BNTRF) share requirement to receive Vinland shares?

Shareholders must hold at least 5,000 Benton Resources shares to receive Vinland shares, with approximately 50 Vinland shares credited for each 5,000 Benton shares owned.

When will the new Benton Resources (BNTRF) shares start trading after the Vinland spin-out?

The new Benton Resources shares (New Benton) will begin trading on the Exchange on Tuesday, April 30, 2025, while the old shares will be delisted at close of business April 29, 2025.

What is the new security number for Benton Resources (BNTRF) shares after the Vinland spin-out?

The new Benton Resources shares post-spin-out will have the security number CA0832971018.

Will Vinland Lithium shares be listed on the stock exchange after the Benton Resources spin-out?

No, Vinland Lithium shares will not be listed on the Exchange immediately after the spin-out, but Vinland has submitted a separate application for listing its shares.