July 22, 2021 -Vancouver, B.C. Canada,; Belmont Resources Ltd. (“Belmont”), (or the “Company”), (TSX.V: BEA;  FSE: L3L2) announces that it has applied to the TSX Venture Exchange for approval to close the first tranche of the private placement announced on July 12, 2021 for aggregate gross proceeds of up to $197,501.50 (the “FT Financing”). The FT Financing will consist of 2,721,450 Units – (the “FT Units”) of the Company at a price of $0.07 per Share.

FT Units:

Subject to approval, the Company will issue 2,721,450 Units.  Each FT Unit consists of one common share of the Company (a “Common Share”) and one transferable NFT share purchase warrant (a “Warrant”). Each Warrant entitles the holder to purchase one Common Share at a price of $0.12 for a period of two years from the initial closing date of the financing.

The use of proceeds of the financing will be used to conduct a 3D-IP Survey which will help delineate specific drill targets for an

upcoming drill program on the Come By Chance (“CBC”) copper-gold porphyry project. The proceeds may also be used for other exploration as deemed necessary on its properties located in the Greenwood Mining district of southern British Columbia.

 

View Come By Chance Video: https://bit.ly/3liQ0ji

All securities issued under this private placement, and the shares that may be issuable on the exercise of the warrants, are subject to a statutory hold period expiring four-months and one day from issuance and to customary closing conditions including, but not limited to, receipt of applicable regulatory approvals, including approval of the TSX-V.

The Company will be paying finder’s fees (8%) totaling $11, 200.12 in cash and 160,002 brokers warrants to PI Financial Corp. 

There are 10 subscribers of which one (1) is a Pro and one (1) insider (subscribing for 100,000 units-$7,000).

Insider participation in this private placement, constitutes a related party transaction pursuant to TSX.V Policy 5.9 and Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions {“Ml 61-101”). The Company relied on Section 5.S{a) of Ml 61-101 for an exemption from the formal valuation requirement and Section 5.7{l){a) of Ml 61-101 for an exemption from the minority shareholder approval requirement of Ml 61-101 as the fair market value of the transaction did not exceed 25% of the Company’s market capitalization.

About Belmont Resources Inc.

Belmont Resources is engaged in the business of acquiring and developing gold-copper-lithium projects located in North America. By utilizing new exploration technology and geological modelling the company is identifying new potential sources of gold-copper-lithium mineralization.

The Company’s project portfolio includes:

– Athelstan-Jackpot, B.C. – *Athelstan & Jackpot Gold mines

Belmont Resources-property-map

Belmont Resources-property-map

 

– Come By Chance, B.C. – *Betts Copper-Gold mine

– Kibby Basin, Nevada – Lithium

– Lone Star, Washington – *Copper-Gold mine

– Pathfinder, B.C. – *Bertha & Pathfinder Gold–Silver mines

– Crackingstone, Sask – Uranium

* past producing mine

 ON BEHALF OF THE BOARD OF DIRECTORS

“George Sookochoff”

George Sookochoff, CEO/President

Ph: 604-683-6648

Email: george@belmontresources.com

Website: www.BelmontResources.com

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.