Sept 26 (Reuters) - Benz Mining Corp BZ.V :
* BENZ ANNOUNCES PROPOSED ACQUISITION OF FOX AUTOMOTIVE SWITZERLAND AG
* BENZ MINING - ENTERED INTO AN ARMS-LENGTH BINDING LETTER OF INTENT DATED SEPTEMBER 26, 2018, WITH FOX AUTOMOTIVE SWITZERLAND AG
* PROPOSES TO ACQUIRE ALL OF ISSUED AND OUTSTANDING SHARE CAPITAL OF FOX
* COMPANY INTENDS TO SECURE FINANCING OF NOT LESS THAN CAD$5.0 MILLION AT A PRICE OF CAD$4.00 PER POST-CONSOLIDATION BENZ SHARE
* BENZ MINING - IN CONSIDERATION FOR ACQUISITION OF FOX, CO HAS AGREED TO ISSUE 300 CO'S SHARES FOR EVERY 1 FOX SHARE
* BENZ MINING - INTENDS TO SECURE FINANCING OF NOT LESS THAN CAD$5 MILLION AT A PRICE OF CAD$4.00 PER POST-CONSOLIDATION BENZ SHARE
* FOLLOWING COMPLETION OF TRANSACTION, CO'S BOARD WILL BE RECONSTITUTED AND IS EXPECTED TO BE COMPOSED OF FIVE DIRECTORS
* PRIOR TO COMPLETION OF DEAL, CO'S ALL OUTSTANDING SHARES WILL BE CONSOLIDATED ON BASIS OF 1 NEW SHARE FOR EVERY 9.4 EXISTING SHARES