(TheNewswire)
Vancouver, BC, Canada - TheNewswire – September1 0 , 2021 - Belmont Resources Inc.(TSXV:BEA ) ( Frankfurt:L3L2) (the “Company”) is pleased to announcethat it has received conditional approval from the TSX VentureExchange (the "TSXV") for an incentive program (the"Incentive Program") to encourage the early exercise of the5,780,500 outstanding private placement warrants priced at $0.05 centsexpiring March 31, 2022 and April 28, 2022 (the "OriginalWarrants"). If all of the Original Warrants are exercised underthe Incentive Program, the Company will receive aggregate grossproceeds of $289,025. Any proceeds received as a result of theIncentive Program will be used for working capital and exploration onproperties.
The TSX-V has conditionally approved the IncentiveProgram, subject to the Company satisfying all of the conditions ofthe TSXV, and therefore the Company will amend the Original Warrantsand expects to give notice (the "Notice") to the holders ofOriginal Warrants of the Incentive Program within the next 5-tradingdays setting out detailed instructions in connection with theIncentive Program. The Incentive Program will be available toholders of Original Warrants from September 10, 2021 and terminateOctober 11, 2021 (the "Expiry Date").
In order to encourage the early exercise of theOriginal Warrants, under the Incentive Program, if the OriginalWarrants are exercised Warrant holder will receive one (1) additionalwarrant (an "Incentive Warrant") in consideration of theearly exercise of each Warrant. Each Incentive Warrant will beexercisable to acquire one (1) common share of the Company at a priceof $0.10 per share for a period of one (1) year from the date ofissuance. The Incentive Warrants and any common shares issued uponthe exercise of the Incentive Warrants will be subject to a holdperiod expiring four months plus one day after the date ofdistribution of the Incentive Warrants.
The Incentive Program will begin on September 10, 2021and terminate on October 11, 2021.
In the event the Original 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.
If a holder of Original Warrants does not exercisetheir Original Warrants by the Expiry Date, the Original Warrants willcontinue to be exercisable for common shares on their originalterms.
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
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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