(TheNewswire)
March 1, 2024 – TheNewswire - Vancouver, B.C., Canada - Belmont Resources Ltd.(“Belmont” or the “Company”) (TSXV:BEA ) ; ( FSE:L3L2) is pleased to announce that it will apply to theTSX Venture Exchange to close a financing for aggregate gross proceedsof $368,000. The Company will issue 9,200,000 common shares at$0.04. Warrants are not attached.
The common shares to be issued will be subject to ahold period expiring four months and one day from issuance.
The investor is non-arm's length to the Company asPatrick Brandl, a director of the Company, also sits on theSupervisory Board of the investor. As such, this transactionconstitutes a "related party transaction" as defined underMultilateral Instrument 61-101 Protection of Minority Security Holdersin Special Transactions ("MI 61-101"). Such participationis exempt from the formal valuation and minority shareholder approvalrequirements of MI 61-101 as neither the fair market value of thefinancing by the insider exceed 25% of the Company's marketcapitalization.
The use of proceeds will be allocated as: $210,000exploration and incurred exploration expenditures; $60,000 office andadministration (salaries, management, audit & legal); unallocatedworking capital $98,000. No proceeds will be used for InvestorRelations. While the Company intends to spend the net proceeds asstated above, there may be circumstances where, for sound businessreasons, funds may be reallocated at the discretion of theBoard.
Stock Options
The Company also announces that it has granted1,100,000 stock options to certain directors, officers and consultantsof the Company in accordance with the Company's current stock optionplan. Each option is exercisable into one common share of the Companyat a price of $0.05 per share for a period of five years from the dateof grant. The options to be granted will be subject to a hold periodexpiring four months and one day from issuance.
About Belmont Resources
Belmont Resources has assembled a portfolio of highlyprospective copper, gold, lithium, uranium and rare earths projectslocated in British Columbia, Saskatchewan, Washington and NevadaStates. Its holdings include:
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Athelstan-Jackpot (A-J): 2 former gold mines. Initial 2023drill results from Athelstan gold mine area drilling indicatesperipheral alteration zone to a potential deep-seated copper-goldporphyry.
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Crackingstone Uranium: High gradeuranium property situated in the prolific Beaverlodge Uranium Districtof the Athabaska basin. The Project covers 4 kilometers of the BlackBay Shear Zone, a northeast trending magnetic low corridor which hosts4 past producing mines.
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Come By Chance (CBC): 2021 geophysics delineated potential large copper-goldporphyry
2022 drilling provided further vectors towardspotential core of porphyry;
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The LoneStar Copper-Gold: optioned to Australian Marquee Resources ASX:MQR; MQR hasspent $2.5M in drilling, completed new resource in Dec. 2022 and aPEA in November 2023 earning them a 50% interest in the property.
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The Kibby BasinLithium project located 60 kilometers north ofthe lithium rich Clayton Valley Basin: Optioned 80% of the centralKibby Playa claim block to Australian Marquee Resources MQR. MQR hasspent $2.5M in drilling in 2022 for potential deep seated lithiumbrine. 2022 Drilling confirmed high levels of lithium-bearingsediments along with dissolved lithium in the groundwater. Mineralizedintervals containing up to 924 ppm lithium with greater than 300 ppmlithium over thicknesses in excess of 450m have been identified incore samples of clay-rich playa sediments.
BelmontProjects
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. These risks and uncertainties include, among otherthings, that we may not be able to obtain regulatory approval; that wemay not be able to raise funds required, that conditions to closingmay not be fulfilled and we may not be able to organize and carry outan exploration program in 2023, and other risks associated with beinga mineral exploration and development company. These forward-lookingstatements are made as of the date of this news release and, except asrequired by applicable laws, the Company assumes no obligation toupdate these forward-looking statements, or to update the reasons whyactual results differed from those projected in the forward-lookingstatements.
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