Business
Belmont Arranges $50,000 in Loans & Issues Bonus Shares
VANCOUVER, BC / ACCESSWIRE / August 16 , 2019 / Belmont Resources Inc. (“Belmont&#...
About this update from Belmont Resources Inc.
[{"type":"text","content":"Belmont Arranges $50,000 in Loans & Issues Bonus SharesVANCOUVER, BC / ACCESSWIRE / August 16, 2019 / Belmont Resources Inc. (“Belmont”), (or the “Company”), (TSX.V:BEA)(FSE:L3L1) DTC Eligible - CUSIP 080499502).Financing:Belmont has arranged two Demand Loans for $25,000 each from non-related parties. The proceeds of the loans are to be used to renew its Bureau of Land Management (“BLM”) claims in the Kibby Basin, Nevada, for a further 12 months and working capital. The Company will continue to explore other financing to proceed with the exploration of its Pathfinder, Greenwood gold prospect and seeking a joint venture/option party to continue exploration for further lithium in the Kibby Basin.The loans bear interest at 1.5% per month. In consideration for the loans, the Company has also agreed to issue, an aggregate of 166,666 bonus common shares, at a deemed price of $0.06 per share. The loans and issuance of bonus shares are subject to regulatory approval, and the shares issuable pursuant to the agreements will be subject to a four-month + 1 day hold from the date issued.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-Facebook https://www.facebook.com/Nevadalithium/-Twitter https://twitter.com/Belmont_Res(i) On March 28, 2019 Belmont entered into an agreement to acquire 100% interest in 253.34 hectares of mineral claims (now increased to 295.56 ha) which are part of the former Pathfinder Property, located in the historically productive Republic-Greenwood Gold District. Copper and gold mining in this camp dates back to the turn of the century. The property is currently surrounded on 3 sides by claims held by KG Exploration (Canada) Inc. (a wholly owned subsidiary of Kinross Gold Corporation).(ii) Belmont owns 75% of 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 earned a 25% interest in the Kibby project.(iii) In 50/50 ownership with International Montoro Resources Inc., Belmont owns an...