Business
Belmont Resources Announces $420,000 Convertible Loan Agreements From Private Investment Holding Companies
(TheNewswire) October 19, 2023 – TheNewswire - Vancouver, B.C., Canada; Belm...
About this update from Belmont Resources Inc.
[{"type":"text","content":"Belmont Resources Announces $420,000 Convertible Loan Agreements From Private Investment Holding Companies\n \n \n (TheNewswire)\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n October 19, 2023 –\n \n \n TheNewswire\n-\n \n \n Vancouver, B.C., Canada; Belmont Resources\nLtd. (“Belmont” or the “Company”) (TSXV:BEA\n \n \n )\n \n \n (\n \n \n FSE:L3L2) is\npleased to announce\n \n \n that it has entered into\nConvertible Loan Agreements in the aggregate of $420,000 Cdn. with two\nprivate investment holding companies (the “Lenders”).  The\nLenders are arm’s length to the Company.\n \n \n \n \n The Loans shall bear no interest and payable on or\nbefore April 1, 2024.   If Belmont fails to repay the Loans in full\non or before April 1, 2024, interest on arrears of 12% p.a. will be\npayable by Belmont beginning April 2, 2024.\n \n \n \n \n The Lenders have the option to have the Debt paid\nthrough the issuance of 14,000,000 common shares, at a deemed value of\n$0.03 per share, subject to the approval of the TSX Venture\nExchange.\n \n \n \n \n The Use of Proceeds will be allocated as: $210,000\nexploration expenditures; $60,000 office and administration (salaries,\nmanagement, audit & legal); unallocated working capital $150,000.\n While the Company intends to spend the net proceeds from the loan as\nstated above, there may be circumstances where, for sound business\nreasons, funds may be reallocated at the discretion of the\nBoard.\n \n \n \n \n The closing of the transaction is subject to the\n approval of the TSX Venture Exchange.\n \n \n \n \n About Belmont Resources\n \n \n \n \n Belmont Resources has assembled a portfolio of highly\nprospective copper, gold, lithium, uranium and rare earths projects\nlocated in British Columbia, Saskatchewan, Washington and Nevada\nStates. Its holdings include:\n \n \n \n \n \n \n Athelstan-Jackpot (A-J):\n \n \n 2 former gold mines.\n \n \n 2,000m drilling targeting\n \n \n multi-coincident\ngeophysical anomaly on strike with neighboring gold trend and gold\nmines.\n \n \n \n \n \n \n \n \n Crackingstone\n \n \n Uranium-Rare Earths:\n \n \n Some of the highest grade Rare Earth Elements (REE’s) are being\ndiscovered in Northern Saskatchewan due to the presence of Uranium,\nThorium Pegmatites. ...