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Commodities & Resources PTE Ltd. Announces Acquisition of Shares of Belmont Resources Inc. Pursuant to a Convertible Loan Agreement
VANCOUVER, British Columbia, July 02, 2025 (GLOBE NEWSWIRE) -- Commodities & Resources PTE Lt...
About this update from Belmont Resources Inc.
[{"type":"text","content":"Commodities & Resources PTE Ltd. Announces Acquisition of Shares of Belmont Resources Inc. Pursuant to a Convertible Loan Agreement\n\n\n\n VANCOUVER, British Columbia, July 02, 2025 (GLOBE NEWSWIRE) -- Commodities & Resources PTE Ltd. (the “Acquiror”), a private investment company incorporated in Singapore, announces that on October 19, 2023 it entered into a Convertible Loan Agreement with Belmont Resources Inc. (TSX-V: BEA) (the “Issuer”) in the principal amount of CAD $210,000. The Loan bore no interest and was payable on or before April 1, 2024. If the Issuer failed to repay the Loan in full on or before April 1, 2024, interest on arrears of 12% per annum was payable by the issuer beginning on April 2, 2024. The Acquiror had the option to have the Loan repaid through the issuance of 7,000,000 Common Shares at a deemed value of $0.03 per share.\n \n\n Immediately prior to entering into the Convertible Loan Agreement, the Acquiror owned and controlled 7,000,000 Common Shares of the Issuer, representing approximately 8.89% of the issued and outstanding Common Shares of the Issuer. The Acquiror continued to hold that number and percentage of Common Shares (on a non-diluted basis) immediately after entering into the Convertible Loan Agreement.\n \n\n As a result of entering into the Convertible Loan Agreement, on a partially diluted basis (i.e., assuming full conversion of the Loan immediately after entering into the Convertible Loan Agreement), the Acquiror held a total of 14,000,000 Common Shares immediately after entering into the Convertible Loan Agreement, representing approximately 16.3% of the Issuer’s issued and outstanding Common Shares.\n \n\n The Acquiror subsequently exercised its conversion right and on January 18, 2024 the Acquiror was issued 7,000,000 Common Shares of the Issuer. As a result of the conversion of the Loan and immediately following conversion, the Acquiror held a total of 14,000,000 Common Shares, representing approximately 15.11% of the Issuer’s issued and outstanding Common Shares.\n \n\n The common shares were acquired for investment purposes. This investment will be reviewed on a continuing basis by the Acquiror and such holdings may be increased or decreased in the future. The Acquiror may in the future acquire or dispose of the common shares t...