March 18, 2022 – Vancouver, B.C., Canada, – Belmont Resources Ltd. (“Belmont” or the “Company”) (TSX.V: BEA; FSE: L3L2) announces that it has received regulatory approval to close its private placement of $522,900 through the issuance of 7,470,000 Units (the “Units”) at $0.07. Each Unit consists of one common share of the Company and one warrant exerciseable at $0.10 in the first year and $0.15 in the second year (the “Warrants”). The Warrants are subject to an accelerated expiry date which comes into effect at such time as the trading price of the Company’s shares closes at or above $0.25 per share for 10 consecutive trading days. The Company may accelerate the expiry date of the Warrants by disseminating a press release and providing the Warrant holders with notice that such Warrants will expire on the 30th day thereafter.
The securities have been issued with a hold period expiring July 19, 2022.
The Company intends to use the proceeds of the financing for a drill program on its CBC copper/gold project, anticipated April 2022 along with exploration on its Greenwood gold camp projects and for working capital. While the Company intends to spend the proceeds from the financing as stated above, there may be circumstances where, for sound business reasons, funds may be reallocated at the discretion of the Board.
An insider of the Company participated as to 170,000 units ($11,900). As such, this participation constitutes a “related party transaction” as defined under Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (“MI 61-101”). Such participation is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as neither the fair market value of the FT Units acquired by the insiders nor the consideration for the Units paid by such insiders, exceed 25% of the Company’s market capitalization.
A finder’s fee of $3,360 cash and the issuance of 48,000 warrants was paid/issued to PI Financial Corp. of 1900, 666 Burrard Street, Vancouver, BC, V6C 3N1.
About Belmont Resources Inc.
Belmont Resources is engaged in the business of acquiringand re-developing past producing copper-gold-silver mines in southern British Columbia and Northern Washington State. This region is considered to have the highest concentration of mineralization and past producing mines in western North America. By utilizing new exploration technology, geological modelling and specialized 3D data analysis, the company is successfully identifying new areas of mineralization beneath and/or in the near vicinity of the past producing mines.
The Company’s project portfolio includes 6 past producing mines:
- Athelstan-Jackpot, B.C. – *Gold-Silver mines
- Come By Chance, B.C. – * Copper-Gold mine
- Lone Star, Washington – *Copper-Gold mine
- Pathfinder, B.C. – * Gold–Silver mine
- Black Bear, B.C. – Gold
- Pride of the West, B.C.- Gold
- Kibby Basin, Nevada – Lithium
* past producing mine
ON BEHALF OF THE BOARD OF DIRECTORS
George Sookochoff, CEO/President
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.