August 23, 2022 -Vancouver, B.C., Canada, – Belmont Resources Ltd. (“Belmont” or the “Company”) (TSX.V: BEA; FSE: L3L2) pleased to announce that it has entered into an agreement with EuroSwiss Equity Group (“EuroSwiss”) of Switzerland pursuant to which EuroSwiss will assist Belmont with business development, media awareness and provide key introductions to the European investment community.
George Sookochoff, CEO of Belmont Resources stated, “EuroSwiss is a well-established European focused capital markets group. They have built a large following of institution and high net worth investors throughout Europe. We are looking forward to working with EuroSwiss and having access to their multi-faceted targeted services.
The European community returns from summer holidays in September and it is the ideal time to initiate our European marketing campaign. Our project will be generating plenty of news in the coming months which we are confident will create a strong interest within the European investment community”.
Under the agreement, Belmont will pay EuroSwiss a fee of CAD $48,000 for a term of 12 months.
The agreement is subject to approval by the TSX Venture Exchange.
Belmont Arranges $210,000 Non-Brokered Private Placement
Belmont also announces that it is undertaking a non-brokered private placement and will be applying to the TSX Venture Exchange to close a private placement of up to $210,000 through the issuance of 3,000,000 Units (the “Units”) at $0.07. Each Unit will consist of one common share of the Company and one warrant exercisable at $0.10 in the first year and $0.15 in the second year (the “Warrants”).
The Company intends to pay finders fees of up to 8% cash and 8% warrants, subject to compliance with applicable securities legislation and TSX.V policies.
The securities to be issued will be subject to a four-month and one day hold period from closing. The terms of the financing are subject to customary closing conditions including, but not limited to, receipt of applicable regulatory approvals, including approval of the TSX-V.
The Company intends to use the proceeds of the financing for further exploration on its Greenwood copper/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.
About Belmont Resources
Belmont Resources has assembled a portfolio of highly prospective copper-gold-lithium & uranium projects located in British Columbia, Saskatchewan, Washington and Nevada States. Its holdings include the Come By Chance (CBC), Athelstan-Jackpot (AJ) and Pathfinder situated in the prolific Greenwood mining camp in southern British Columbia. The Crackingstone Uranium project in the uranium rich Athabaska Basin of northern Saskatchewan. The Lone Star copper-gold mine in the mineral rich Republic mining camp of north central Washington State and the Kibby Basin Lithium project located 60 kilometers north of the lithium rich Clayton Valley Basin.
Key Projects Updates
Kibby Lithium Project, Nevada
A 3,000 m drill program is in progress targeting a potential large lithium brine aquifer. BEA NR May 19, 2022
Lone Star Copper-Gold Project, Washington StateBelmont’s JV partner has recently completed a 7,800 meter drill program. The engineering firm Mining Plus Pty Ltd. is currently conducting a NI 43-101 resource estimate. BEA NR Aug 17, 2022
Come By Chance (CBC) Copper-Gold Project, B.C.
Belmont recently completed a Phase I – 2,300 m drill program with results supporting a copper-gold porphyry system. Porphyry type mineralization and alteration was identified in all 6 holes drilled.
Belmont is planning Phase II drilling in October 2022. BEA NR Aug 17, 2022
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.