Vancouver, B.C. Canada, August 16, 2019 – Belmont Resources Inc. (“Belmont”, or the “Company”), (TSX.V: BEA; FSE: L3L1; DTC Eligible – CUSIP 080499502 -new).
Belmont has arranged two Demand Loans for $25,000 each from non-related parties. The proceeds of the loans are to be used to renew its Bureau of Land Management (“BLM”) claims in the Kibby Basin, Nevada, for a further 12 months and working capital. The Company will continue to explore other financing to proceed with the exploration of its Pathfinder, Greenwood gold prospect and seeking a joint venture/option party to continue exploration for further lithium in the Kibby Basin.
The loans bear interest at 1.5% per month. In consideration for the loans, the Company has also agreed to issue, an aggregate of 166,666 bonus common shares, at a deemed price of $0.06 per share. The loans and issuance of bonus shares are subject to regulatory approval, and the shares issuable pursuant to the agreements will be subject to a four-month + 1 day hold from the date issued.
About Belmont Resources Inc.
Belmont Resources Inc. is a Canadian based resource company traded on the TSX-V under the symbol “BEA”. The Company is systematically exploring its extensive property positions in British Columbia (Gold), Nevada (Lithium) and Saskatchewan (Uranium).
ON BEHALF OF THE BOARD OF DIRECTORS
Neither the TSX Venture Exchange nor its Regulation Services Provider (as the term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
This Press Release may contain forward-looking statements that may involve a number of risks and uncertainties, based on assumptions and judgments of management regarding future events or results that may prove to be inaccurate as a result of exploration and other risk factors beyond its control. Forward looking statements in this news release include statements about the possible raising of capital and exploration of our properties. Actual events or results could differ materially from the Companies forward-looking statements and expectations. These risks and uncertainties include, among other things, that we may not be able to obtain regulatory approval; that we may not be able to raise funds required, that conditions to closing may not be fulfilled and we may not be able to organize and carry out an exploration program in 2019; and other risks associated with being a mineral exploration and development company. These forward-looking statements are made as of the date of this news release and, except as required by applicable laws, the Company assumes no obligation to update these forward-looking statements, or to update the reasons why actual results differed from those projected in the forward-looking statements.