Benton Resources Inc. and Benton Capital Corp. Provide Shareholder
Guidance Regarding the Allocation of Adjusted Cost Base in
Connection with Shares Received Pursuant to the Spin-out
THUNDER BAY, ON, Nov. 2, 2012 /CNW/ - Benton Resources Inc.
(TSXV: BEX) ("Benton Resources") and Benton Capital Corp.
(TSXV: BTC) ("Benton Capital" and formerly Benton Resources Corp.)
announce their guidance regarding the allocation of shareholders'
respective adjusted cost base ("ACB") for Canadian income tax
purposes in connection with its previously completed spin-out
transaction by way of a plan of arrangement (the "Arrangement")
that was effective as of July 27,
2012. In particular, Benton Capital, with the
exception of its investment in Coro Mining Corp., $730,000 in working capital, and the Goodchild
project, transferred all of its assets and liabilities to the newly
listed issuer Benton Resources. Benton Resources commenced
trading on August 1, 2012, on the TSX
Venture Exchange under the symbol "BEX". Pursuant to this
Arrangement, shareholders received one new common share of both
Benton Resources and Benton Capital for each common share held of
Benton Resources Corp. (renamed on closing as part of the
Arrangement) immediately prior to the commencement of trading on
August 1, 2012.
In order to calculate the ACB for Canadian
income tax purposes of the Benton Resources common shares and the
Benton Capital common shares received pursuant to the Arrangement,
a shareholder should allocate the pre-Arrangement ACB of the common
shares of Benton Resources Corp., as follows:
| |
Percentage of
Fair Market Value
(July 27, 2012) |
Allocated
ACB |
| |
|
|
| Benton Capital Corp. (BTC) |
41.2457% |
41.2457% |
| |
|
|
| Benton Resources Inc. (BEX) |
58.7543% |
58.7543% |
The first financial year-end for Benton
Resources and Benton Capital subsequent to the completion of the
Arrangement is June 30, 2013.
Each of Benton Resources and Benton Capital will file interim
financial statements for the interim periods ending September 30, 2012, December 31, 2012, and March 31, 2012, as well as annual financial
statements for the year ending June 30,
2013.
On behalf of the Board of Directors of Benton Resources Inc. and
Benton Capital Corp.
"Stephen Stares"
Stephen Stares, President
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS
RELEASE.
SOURCE Benton Capital Corp.