(TheNewswire)
July 18, 2023 – TheNewswire - Vancouver, B.C., Canada; Belmont Resources Ltd. (“Belmont” or the “Company”) ( TSXV:BEA ) ( FSE:L3L2 ) is pleased to announce that it has entered intosubscription agreements for a private placement financing (the“Private Placement”) with private investment holding companiesadvised by bgm Partners of Vienna, Austria.
Under the terms of the private placement, BelmontResources will issue 7,000,000 common shares (“Common Shares”) in the capital ofthe Company to each of two private investment holding companies,Commodities and Resources Pte.Ltd of Singapore and ERAG Energie & Rohstoff AG PCC of Liechtenstein at a price of C$0.03 per CommonShare for gross proceeds of C$420,000. There are no share purchase warrants attached to the offering nor arethere any finder’s fees payable.
ERAG Energie & Rohstoff AG PCC and Commodities andResources Pte.Ltd are privately owned investment holdings which investin companies that are active in the commodities sector (incl.commodity trading), mining and energy. Both companies are armslength and there will be no new insiders or control positions pursuantto the closing.
The Company welcomes Commodities and Resources Pte.Ltdand ERAG Energie & Rohstoff AG PCC as strategic investors with along-term focus and support for the development of the Company’sProjects.
The Company has also received an additionalSubscription Agreement totaling $24,000 (800,000 shares) from a thirdarms length place.
Closing of the Private Placement is anticipated tooccur on or around July 24, 2023, and is subject to certain customaryconditions including, but not limited to, the receipt of all necessaryregulatory approvals including the approval of the TSX.V Exchange. TheCommon Shares issued pursuant to the Private Placement will be subjectto a hold period of four (4) months and one (1) day from the date ofissuance in accordance with applicable securities laws.
The Use of Proceeds will be allocated as: $210,000exploration expenditures; $50,000 property payments; $100,000 officeand administration (salaries, management, audit & legal); $24,000European marketing services; unallocated working capital $60,000.While the Company intends to spend the net proceeds from the offeringas stated above, there may be circumstances where, for sound businessreasons, funds may be reallocated at the discretion of theBoard.
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:
-
-
Crackingstone Uranium-Rare Earths Some of the highest grade RareEarth Elements (REE’s) are being discovered in Northern Saskatchewandue to the presence of Uranium, Thorium Pegma ti te. Crackingstone project meets thecriteria for poten ti allydiscovering a large REE’s deposit with its high grade uranium alongwith thorium and pegmatite. A review of 3,000m of 2008 drill datashows a 1.3km pegmatite dyke drilled but only assayed for uranium atthat time. 2023 plans are tore-assay pegmatite sections for REE’s ;
Come By Chance (CBC): 2021 geophysics delineated potential large copper-goldporphyry ;
2022 drilling provided further vectors towardspotential core of porphyry;
-
The LoneStar Copper-Gold: optioned to Australian Marquee Resources ASX:MQR; MQR hasspent $2.5M in drilling, completed new resource in Dec. 2022 and is currently producing aPreliminary Economic Assessment in order to earn80% interest.
The LoneStar Copper-Gold: optioned to Australian Marquee Resources ASX:MQR; MQR hasspent $2.5M in drilling, completed new resource in Dec. 2022 and is currently producing aPreliminary Economic Assessment in order to earn80% interest.
-
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 $3.0M 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.
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 $3.0M 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.
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.
Copyright (c) 2023 TheNewswire - All rights reserved.