Belmont Resources Inc. Clarifies Acquisition Terms on the Pathfinder Property
VANCOUVER, April 1, 2019 - ("Belmont Resources Inc. ("Belmont" or the "Company") (TSX.V: BEA; FSE: L3L1; DTC Eligible – CUSIP 080499403) clarifies the March 28, 2019 news release as follows:Pursuant to the Agreement, the share and warrant issuances should read as follows:
- A total of 1.5 million common shares and 1.5 million warrants in two payments;
- Issuing to each Vendor 750,000 common shares of the Company and 750,000 transferable warrants exercisable at a price of $0.10 per share for a period of two years from the approval date, as set out below:
(i) 625,000 shares and 625,000 warrants to each Vendor on the approval date;
(ii) 125,000 shares and 125,000 warrants to each Vendor on the one year anniversary of the Agreement date;
- A 1.5% Net Smelter Return Royalty ("NSR")- 0.75% to each Vendor. The Company may acquire one-half of the NSR for $1 million upon commencement of commercial production on the Property.
The Agreement is subject to TSX Venture Exchange (the "Exchange") approval.
About Belmont Resources Inc.
Belmont is an emerging resource company engaged in the acquisition, exploration and development of mineral properties in Canada and Nevada, U.S.A.
For further information see our Website at: www.BelmontResources.com
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Belmont owns the Kibby Basin Lithium project covering 2,056 hectares (5,080 acres) in Esmeralda County, Nevada, U.S.A. The Kibby Basin property is located 65 km north of Clayton Valley, Nevada the location of the only US Lithium producer. MGX Minerals Inc. (CSE: XMG) has currently earned a 25% interest in the Kibby project and has the right to increase this to 50% by expending an additional $300,000 on exploration and become the operator.
In 50/50 ownership with International Montoro Resources Inc., Belmont has acquired and is exploring joint venture opportunities for its significant uranium properties (Crackingstone -982 ha) in the Uranium City District in Northern Saskatchewan, Canada
ON BEHALF OF THE BOARD OF DIRECTORS
"Gary Musil"
Gary Musil, CFO/Director
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.
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.
SOURCE: Belmont Resources Inc.