(TheNewswire)
Vancouver, B.C. Canada – TheNewswire - October 12, 2021; Belmont Resources Inc.(TSXV:BEA ) ( Frankfurt:L3L2) (“Belmont”), (or the“Company”). Further to our earlier news release the Companyamends the news release as follows. It is pleased to report thatpursuant to the Company’s early Warrant Exercise Incentive Program(the “Incentive Program”) as announced on September 10, 2021,certain warrant holders have exercised a total of 2,600,000 (amendedfrom 2,100,000) warrants for total gross proceeds to the Company of$130,000.
The Company will issue 2,600,000 common shares throughthe exercise of the original warrants and issue 2,600,000 incentivewarrants. Each incentive warrant entitles the holder to acquire anadditional common share of the Company at a price of $0.10 per shareuntil October 12, 2022. The incentive warrants and any shares issuedupon exercise of the incentive warrants are subject to a hold periodexpiring four months plus on day from issuance. Funds raised willprimarily be used for working capital and exploration onproperties.
The balance of the 3,180,500 warrants (amended from3,680,500) that were not exercised under the Incentive Program willremain outstanding and continue to be exercisable for common shares ofthe Company at a price of $0.05 per share until the original expirydates of April 29, 2022 and May 7, 2022.
The Company will now apply to the TSX Venture Exchangefor final acceptance to close the Incentive Program and issue thesecurities.
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:
-
- 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
* past producing mine
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.
Copyright (c) 2021 TheNewswire - All rights reserved.