Belmont Resources Ltd. Closes $368,000 Financing

About this update from Belmont Resources Inc.

[{"type":"text","content":"Belmont Resources Ltd. Closes $368,000 Financing\n \n \n (TheNewswire)\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n March 6, 2024 /\n \n \n TheNewswire /\n \n \n Vancouver, B.C., Canada; Belmont Resources Ltd.\n(“Belmont” or the “Company”) (TSXV:BEA\n \n \n )\n(\n \n \n FSE:L3L2) is pleased to announce that further\nto its press release dated March 1, 2024, the Company has received TSX\nVenture Exchange and has closed its financing for aggregate gross\nproceeds of $368,000.   9,200,000 common shares have been issued at\n$0.04 having a hold period expiring July 7, 2024.  Warrants were not\nattached.\n \n \n \n \n The investor is non-arm's length to the Company as\nPatrick Brandl, a director of the Company, also sits on the\nSupervisory Board of the investor.  As such, this transaction\nconstitutes a \"related party transaction\" as defined under\nMultilateral Instrument 61-101 Protection of Minority Security Holders\nin Special Transactions (\"MI 61-101\").  Such participation\nis exempt from the formal valuation and minority shareholder approval\nrequirements of MI 61-101 as neither the fair market value of the\nfinancing by the insider exceed 25% of the Company's market\ncapitalization.\n \n \n \n \n The use of proceeds will be allocated as: $210,000\nexploration and incurred exploration expenditures; $60,000 office and\nadministration (salaries, management, audit & legal); unallocated\nworking capital $98,000.  No proceeds will be used for Investor\nRelations.  While the Company intends to spend the net proceeds 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 Convertible Loan\n \n \n \n \n The Company advised that it did not proceed with the\nloan agreement as referred to in its press release February 3,\n2024.\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.  Initial 2023 drill results from\nAthelstan gold mine area drilling indicates peripheral alteration zone...

More updates from Belmont Resources Inc.