Benton Capital Corp. (BTC.V)has still not received a formal written offer from Gold Royalties Corporation (GRO.V) to acquire 100% of the outstanding shares of Benton for an all-share consideration of 0.133 shares of Gold Royalties for each share of Benton Capital Corp.
Benton's Board has unanimously rejected the intended offer and recommends that Benton shareholders take no action. Benton views this intended offer as opportunistic in difficult markets and is nothing more than an attempt by Gold Royalties to finance their company by taking control of Benton's $1.1 million in cash and to liquidate in some fashion, as indicated in their press release, Benton's approximate 42% interest in Coro Mining Corp. (COP.TO) for cash for the purposes of funding operations and purchasing royalty interests. Benton has and will continue to be a loyal shareholder of Coro and continues to feel that its shareholders will benefit from Benton's continued ownership of Coro as the Coro team continues to realize its strategy of becoming a developer of its Chilean and Argentinean assets.
Benton is near a yr low. Gold Royalties is also near a yr low of 74 cents.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
