VANCOUVER, BRITISH COLUMBIA--(Marketwired - Mar 10, 2017) - Benz Mining Corp. (NEX:BZ.H) ("Benz" or the "Company") announces that, subject to the acceptance of the NEX board of the TSX Venture Exchange, it proposes to settle outstanding indebtedness in the amount of $257,000.00 (the "Debt") by the issuance of 1,352,632 common shares having a deemed price of $0.19 per share. The Debt includes amounts due to certain creditors, a promissory note payable to Avaron Mining Corp. and past management, accounting, geological, and engineering services rendered and accrued to senior officers of the Company.
After giving effect to the proposed settlement and subject to the acceptance of the NEX board of the TSX Venture Exchange, the Company will have an aggregate of 7,827,402 Shares issued and outstanding.
The Company also announces that it has granted an aggregate of 534,000 incentive stock options to certain directors, officers and consultants of Benz at an exercise price of $0.19 per share for a period of ten years. Such options have been granted pursuant to the Company's 10% rolling stock option plan and are in accordance with policies within the NEX board of the TSX Venture Exchange.
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.
