(TheNewswire)
March 6, 2024 / TheNewswire / Vancouver, B.C., Canada; Belmont Resources Ltd.(“Belmont” or the “Company”) (TSXV:BEA )( FSE:L3L2) is pleased to announce that furtherto its press release dated March 1, 2024, the Company has received TSXVenture Exchange and has closed its financing for aggregate grossproceeds of $368,000. 9,200,000 common shares have been issued at$0.04 having a hold period expiring July 7, 2024. Warrants were notattached.
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.
Convertible Loan
The Company advised that it did not proceed with theloan agreement as referred to in its press release February 3,2024.
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 2023 drill results fromAthelstan gold mine area drilling indicates peripheral alteration zoneto a potential deep-seated gold-copper porphyry.
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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.
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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