(TheNewswire)
August 23, 2022 – TheNewswire - Vancouver, B.C., Canada - Belmont Resources Ltd.(“Belmont” or the “Company”) (TSXV:BEA ) ; ( FSE:L3L2) is pleased to announce that it has entered into an agreementwith EuroSwiss Equity Group (“EuroSwiss”) of Switzerland pursuantto which EuroSwiss will assist Belmont with business development,media awareness and provide key introductions to the Europeaninvestment community.
George Sookochoff, CEO of Belmont Resources stated,“EuroSwiss is a well-established European focused capital marketsgroup. They have built a large following of institution and high networth investors throughout Europe. We are looking forward to workingwith EuroSwiss and having access to their multi-faceted targetedservices.
The European community returns from summer holidays inSeptember and it is the ideal time to initiate our European marketingcampaign. Our project will be generating plenty of news in the comingmonths which we are confident will create a strong interest within theEuropean investment community”.
Under the agreement, Belmont will pay EuroSwiss a feeof CAD $48,000 for a term of 12 months.
The agreement is subject to approval by the TSX VentureExchange.
Belmont Arranges $210,000Non-Brokered Private Placement
Belmont also announces that it is undertaking anon-brokered private placement and will be applying to the TSX VentureExchange to close a private placement of up to $210,000 through theissuance of 3,000,000 Units (the “Units”) at $0.07. Each Unitwill consist of one common share of the Company and one warrantexercisable at $0.10 in the first year and $0.15 in the second year(the “Warrants”).
The Company intends to pay finders fees of up to 8%cash and 8% warrants, subject to compliance with applicable securitieslegislation and TSX.V policies.
The securities to be issued will be subject to afour-month and one day hold period from closing. The terms of thefinancing are subject to customary closing conditions including, butnot limited to, receipt of applicable regulatory approvals, includingapproval of the TSX-V.
The Company intends to use the proceeds of thefinancing for further exploration on its Greenwood copper/gold campprojects and for working capital. While the Company intends to spendthe proceeds from the financing as stated above, there may becircumstances where, for sound business reasons, funds may bereallocated at the discretion of the Board.
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 the Come By Chance (CBC), Athelstan-Jackpot (AJ) andPathfinder situated in the prolific Greenwood mining camp in southernBritish Columbia. The Crackingstone Uranium project in the uraniumrich Athabaska Basin of northern Saskatchewan. The Lone Starcopper-gold mine in the mineral rich Republic mining camp of northcentral Washington State and the Kibby Basin Lithium project located60 kilometers north of the lithium rich Clayton Valley Basin.
Key Projects Updates
Kibby Lithium Project, Nevada
A 3,000 m drill program is in progress targeting apotential large lithium brine aquifer. BEA NR May 19, 2022
Lone Star Copper-Gold Project,Washington State
Belmont’s JV partner has recently completed a7,800 meter drill program. The engineering firm Mining Plus Pty Ltd. is currently conducting a NI 43-101resource estimate. BEA NR Aug 17,2022
Come By Chance (CBC) Copper-GoldProject, B.C.
Belmont recently completed a Phase I – 2,300 m drillprogram with results supporting a copper-gold porphyry system.Porphyry type mineralization and alteration was identified in all 6holes drilled.
Belmont is planning Phase II drilling in October2022. BEA NR Aug 17, 2022
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 2022, 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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