(TheNewswire)
Vancouver, BC, Canada - TheNewswire - September 10, 2021;Belmont Resources Inc. (TSXV:BEA ) ( Frankfurt:L3L2) (“Belmont” or the“Company”) announces that it intends to apply for approval of awarrant exercise incentive program (the “Incentive Program”) withthe TSX Venture Exchange (the “Exchange”).
As announced on March 31, 2020 and April 28, 2020, theCompany completed private placement offerings of 6,655,500 Units at$0.03. Each Unit was comprised of one (1) common share and one (1)share purchase warrant for two (2) years at $0.05 from the date ofissuance (the “Placement Warrants”). The Company has 5,780,500outstanding Placement Warrants priced at 0.05 cents expiring March 31,2022 and April 28, 2022.
Under the proposed Incentive Program, if the PlacementWarrants are exercised prior to 4:00 p.m. (Vancouver Time) on the 30thday after TSX Venture Exchange Approval (the “Incentive Period”),the Placement Warrant holder will receive one (1) additional warrant(an “Incentive Warrant”) in consideration of the early exercise ofeach Placement Warrant. Each Incentive Warrant will be exercisable toacquire one (1) common share of the Company at a price of $0.10 pershare for a period of one (1) year from the date of issuance. TheCompany believes this will give existing Placement Warrant holders theright incentive to exercise their Placement Warrants. The IncentiveWarrants and any Shares issued upon the exercise of the IncentiveWarrants will be subject to a hold period expiring four months plusone day after the date of distribution of the IncentiveWarrant.
In the event a Placement Warrant holder determines notto participate in the Incentive Program, then following the expiry ofthe Incentive Period, the Placement Warrant holder may exercise thePlacement Warrants on their original terms or allow them to expireunexercised.
No Directors or Officers of the Company willparticipate in the Incentive Program. The Company is not aware ofany potential new insider position that would be created upon theexercise of the Placement Warrants nor Incentive Warrants.
There are no guarantees of Exchange approval, and theCompany will provide investors an update once it receives a decisionfrom the Exchange.
Further details on the manner by which PlacementWarrant holders may exercise their Placement Warrants under theIncentive Program will be provided once Exchange approval isgranted.
The Company intends to use the proceeds from theexercise of any Placement Warrants for working capital and explorationon properties.
These securities have not been and will not beregistered under the United States Securities Act of 1933, as amended,(the “U.S. Securities Act”) or any state securities laws and maynot be offered or sold within the United States unless registeredunder the U.S. Securities Act and applicable state securities laws oran exemption from registration is available. This announcement doesnot constitute an offer to sell or a solicitation of an offer to buyany of the securities in this Warrant Incentive Program within theUnited States or to, or for the account or benefit of, U.S. Persons(as defined under Regulation S under the U.S. Securities Act).
About Belmont Resources
Belmont Resources is engaged in the business ofacquiring and re-developing past producing copper-gold-silver mines insouthern British Columbia and Northern Washington State. This regionis considered to have the highest concentration of mineralization andpast producing mines in western North America. By utilizing newexploration technology, geological modelling and specialized 3D dataanalysis, the company is successfully identifying new areas ofmineralization beneath and/or in the near vicinity of the pastproducing mines.
The Belmont project portfolio:
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- Athelstan-Jackpot , B.C. – *Athelstan & Jackpot Gold-Silver mines
- Come By Chance , B.C. – *Betts Copper-Gold mine
- Lone Star ,Washington – *Lone Star Copper-Gold mine
- Pathfinder ,B.C. – *Bertha & Pathfinder Gold–Silver mines
- Black Bear ,B.C. – Gold
- Pride of the West , B.C.- Gold
- Kibby Basin, Nevada – Lithium
- Crackingstone, Sask. – Uranium
* past producing mine
ON BEHALF OF THE BOARD OF DIRECTORS
“GeorgeSookochoff”
George Sookochoff, CEO/President
Ph: 604-505-4061
Email: george@belmontresources.com
Neither the TSXVenture Exchange nor its Regulation Services Provider (as the term isdefined in the policies of the TSX Venture Exchange) acceptsresponsibility for the adequacy or accuracy of this newsrelease.
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