Belmont Resources Inc. Arranges $875,000 Private Placement
Vancouver, January 24, 2023 - Belmont Resources Ltd. ("Belmont" or the "Company") (TSXV:BEA) (FSE:L3L2) proposes to undertake a private placement of securities to raise total gross proceeds of up to $875,000. The financing shall consist of flow-through units and non-flow-through units. Non-Flow-Through
The Company shall offer 7,000,000 units at $0.05 for gross proceeds of $350,000. Each unit shall consist of one common share and one warrant exercisable for two years at $0.10 during the first year and $0.15 in the second year.
The Company intends to use the gross proceeds of the non-flow-through financing for working capital.
Flow-Through
The Company shall offer 7,500,000 flow-through units at $0.07 for gross proceeds of $525,000. Each flow-through unit shall consist of one flow-through common share and one warrant exercisable for two years at $0.10 during the first year and $0.15 in the second year.
The Company intends to use the gross proceeds of the flow-through financing to incur Canadian Exploration Expenses and "flow-through mining expenditures" as defined in the Tax Act on the CBC copper-gold porphyry target and AJ gold-silver project, in British Columbia which will be incurred on or before December 31, 2023. While the Company intends to spend the net proceeds from the offering as stated above, there may be circumstances where, for sound business reasons, funds may be reallocated at the discretion of the Board.
The Company may pay a finders' fee in accordance with the policies of the TSX Venture Exchange.
All securities issued shall be subject to a hold period expiring four months and one day from their date of issuance. Completion of the financing, the issuance of the securities and the payment of any finders' fees remain subject to the receipt of all necessary regulatory approvals, including the approval of the TSX Venture Exchange.
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:
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Come By Chance (CBC): 2021 geophysics delineated potential large copper-gold porphyry
2022 drilling suggest interception of peripheral of porphyry; planned 2023 drilling to target porphyry core. -
Athelstan-Jackpot (AJ): 2 former gold mines with extensive mine dump material grading up to 1oz/t gold; 2023 plan to test gold extraction from dumps using "environmentally friendly" gold recovery system
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The CrackingstoneUranium: Review of exploration data shows good potential for "Rare Earth Elements - REEs". 2023 plans to re-assay 2008 drill core for REE's which was previously only assayed for uranium
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The Lone StarCopper-Gold: optioned to Australian Marquee Resources ASX:MQR; MQR spending $2.5M in drilling and must produce PEA to earn 80% interest; MQR completed new resource in Dec. 2022 now working on PEA
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The Kibby Basin Lithium project located 60 kilometers north of the lithium rich Clayton Valley Basin.: Optioned 10% of property to Australian Marquee Resources MQR; MQR spending $2.5M in drilling for potential deep seated lithium brines, to earn 80%. MQR plans to continue drilling in 2023
ON BEHALF OF THE BOARD OF DIRECTORS
"George Sookochoff"
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.
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. 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 2023, 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.