(TheNewswire)
Vancouver, B C - TheNewswire - January 24, 2023 - Belmont Resources Ltd. (“Belmont” or the “Company”) ( TSXV:BEA ) ( FSE:L3L2 ) proposes to undertake a private placement of securities toraise total gross proceeds of up to $875,000. The financing shallconsist of flow-through units and non-flow-through units.
Non-Flow-Through
The Company shall offer 7,000,000 units at $0.05 forgross proceeds of $350,000. Each unit shall consist of one commonshare and one warrant exercisable for two years at $0.10 during thefirst year and $0.15 in the second year.
The Company intends to use the gross proceeds of thenon-flow-through financing for working capital.
Flow-Through
The Company shall offer 7,500,000 flow-through units at$0.07 for gross proceeds of $525,000. Each flow-through unit shallconsist of one flow-through common share and one warrant exercisablefor two years at $0.10 during the first year and $0.15 in the secondyear.
The Company intends to use the gross proceeds of theflow-through financing to incur Canadian Exploration Expenses and“flow-through mining expenditures” as defined in the Tax Act onthe CBC copper-gold porphyry target and AJ gold-silver project, inBritish Columbia which will be incurred on or before December 31,2023. While the Company intends to spend the net proceeds from theoffering as stated above, there may be circumstances where, for soundbusiness reasons, funds may be reallocated at the discretion of theBoard.
The Company may pay a finders’ fee in accordance withthe policies of the TSX Venture Exchange.
All securities issued shall be subject to a hold periodexpiring four months and one day from their date of issuance. Completion of the financing, the issuance of the securities and thepayment of any finders’ fees remain subject to the receipt of allnecessary regulatory approvals, including the approval of the TSXVenture Exchange.
About Belmont Resources
Belmont Resources has assembled a portfolio of highlyprospective copper-gold-lithium & uranium projects located inBritish Columbia, Saskatchewan, Washington and Nevada States. Itsholdings include:
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Come By Chance (CBC): 2021 geophysics delineated potential large copper-goldporphyry
2022 drilling suggest interception of peripheralof porphyry; planned 2023drilling to target porphyry core. -
Athelstan-Jackpot (AJ): 2 former gold mines with extensive mine dump material gradingup to 1oz/t gold; 2023 plan totest gold extraction from dumps using “environmentally friendly”gold recovery system
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The Crackingstone Uranium: Review of exploration data shows goodpotential for “Rare Earth Elements – REEs“. 2023 plans to re-assay 2008 drill core forREE’s which was previously only assayed for uranium
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The LoneStar Copper-Gold: optioned to Australian Marquee Resources ASX:MQR; MQRspending $2.5M in drilling and must produce PEA to earn 80% interest;MQR completed new resource in Dec. 2022 now working on PEA
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The Kibby BasinLithium project located 60 kilometers north ofthe lithium rich Clayton Valley Basin.: Optioned 10% of property toAustralian Marquee Resources MQR; MQR spending $2.5M in drilling forpotential deepseated lithium brines, to earn 80%. MQR plans to continue drilling in2023
ON BEHALF OF THE BOARD OF DIRECTORS
“GeorgeSookochoff”
George Sookochoff, CEO/President
Neither the TSX Venture Exchange nor its RegulationServices Provider (as the term is defined in the policies of the TSXVenture Exchange) accepts responsibility for the adequacy or accuracyof this news release.
This Press Release may contain forward-lookingstatements that may involve a number of risks and uncertainties, basedon assumptions and judgments of management regarding future events orresults that may prove to be inaccurate as a result of exploration andother risk factors beyond its control. Actual events or resultscould differ materially from the Companies forward-looking statementsand expectations. Theserisks and uncertainties include, among other things, that we may notbe able to obtain regulatory approval; that we may not be able toraise funds required, that conditions to closing may not be fulfilledand we may not be able to organize and carry out an explorationprogram in 2023, and other risks associated with being a mineralexploration and development company. Theseforward-looking statements are made as of the date of this newsrelease and, except as required by applicable laws, the Companyassumes no obligation to update these forward-looking statements, orto update the reasons why actual results differed from those projectedin the forward-looking statements.
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