Belmont Resources Announces Equity Investment from Singapore and Liechtenstein Private Investment Holding Companies
· Issued by Belmont Resources Inc. via TheNewswire
(TheNewswire)
July 18, 2023 –
TheNewswire -
Vancouver, B.C., Canada;
Belmont Resources Ltd.
(“Belmont” or the “Company”) (
TSXV:BEA
)
(
FSE:L3L2
) is pleased to announce that it has entered into
subscription agreements for a private placement financing (the
“Private Placement”) with private investment holding companies
advised by bgm Partners of Vienna, Austria.
Under the terms of the private placement, Belmont
Resources will issue 7,000,000 common shares
(“Common Shares”)
in the capital of
the Company to each of two private investment holding companies,
Commodities and Resources Pte.Ltd of Singapore and
ERAG Energie & Rohstoff AG PCC
of Liechtenstein at a price of C$0.03 per Common
Share for gross proceeds of C$420,000. There are
no share purchase warrants attached to the offering nor are
there any finder’s fees payable.
ERAG Energie & Rohstoff AG PCC and Commodities and
Resources Pte.Ltd are privately owned investment holdings which invest
in companies that are active in the commodities sector (incl.
commodity trading), mining and energy. Both companies are arms
length and there will be no new insiders or control positions pursuant
to the closing.
The Company welcomes Commodities and Resources Pte.Ltd
and ERAG Energie & Rohstoff AG PCC as strategic investors with a
long-term focus and support for the development of the Company’s
Projects.
The Company has also received an additional
Subscription Agreement totaling $24,000 (800,000 shares) from a third
arms length place.
Closing of the Private Placement is anticipated to
occur on or around July 24, 2023, and is subject to certain customary
conditions including, but not limited to, the receipt of all necessary
regulatory approvals including the approval of the TSX.V Exchange. The
Common Shares issued pursuant to the Private Placement will be subject
to a hold period of four (4) months and one (1) day from the date of
issuance in accordance with applicable securities laws.
The Use of Proceeds will be allocated as: $210,000
exploration expenditures; $50,000 property payments; $100,000 office
and administration (salaries, management, audit & legal); $24,000
European marketing services; unallocated working capital $60,000.
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.
About Belmont Resources
Belmont Resources has assembled a portfolio of highly
prospective copper-gold-lithium, uranium and rare earths projects
located in British Columbia, Saskatchewan, Washington and Nevada
States. Its holdings include:
Click Image To View Full Size
Athelstan-Jackpot (A-J):
2 former gold mines. 2,000m drilling to target new lode-gold
deposit target in North Zone. Targeting multi-coincident geophysical
anomaly on strike with neighboring gold trend and gold mines.
Drilling to start
2
nd
week of August.
Crackingstone
Uranium-Rare Earths
Some of the highest grade Rare
Earth Elements (REE’s) are being discovered in Northern Saskatchewan
due to the presence of Uranium, Thorium Pegma
ti
te. Crackingstone project meets the
criteria for poten
ti
ally
discovering a large REE’s deposit with its high grade uranium along
with thorium and pegmatite. A review of 3,000m of 2008 drill data
shows a 1.3km pegmatite dyke drilled but only assayed for uranium at
that time.
2023 plans are to
re-assay pegmatite sections for REE’s ;
Click Image To View Full Size
Come By Chance (CBC):
2021 geophysics delineated potential large copper-gold
porphyry
;
2022 drilling provided further vectors towards
potential core of porphyry;
Click Image To View Full Size
Click Image To View Full Size
The
Lone
Star
Copper-Gold:
optioned to Australian Marquee Resources ASX:MQR; MQR has
spent $2.5M in drilling, completed new resource in Dec. 2022 and is
currently producing a
Preliminary Economic Assessment
in order to earn
80% interest.
The
Lone
Star
Copper-Gold:
optioned to Australian Marquee Resources ASX:MQR; MQR has
spent $2.5M in drilling, completed new resource in Dec. 2022 and is
currently producing a
Preliminary Economic Assessment
in order to earn
80% interest.
Click Image To View Full Size
The
Kibby Basin
Lithium
project located 60 kilometers north of
the lithium rich Clayton Valley Basin: Optioned 80% of the central
Kibby Playa claim block to Australian Marquee Resources MQR. MQR has
spent $3.0M in drilling in 2022 for potential deep seated lithium
brine. 2022 Drilling confirmed high levels of lithium-bearing
sediments along with dissolved lithium in the groundwater. Mineralized
intervals containing up to 924 ppm lithium with greater than 300 ppm
lithium over thicknesses in excess of 450m have been identified in
core samples of clay-rich playa sediments.
The
Kibby Basin
Lithium
project located 60 kilometers north of
the lithium rich Clayton Valley Basin: Optioned 80% of the central
Kibby Playa claim block to Australian Marquee Resources MQR. MQR has
spent $3.0M in drilling in 2022 for potential deep seated lithium
brine. 2022 Drilling confirmed high levels of lithium-bearing
sediments along with dissolved lithium in the groundwater. Mineralized
intervals containing up to 924 ppm lithium with greater than 300 ppm
lithium over thicknesses in excess of 450m have been identified in
core samples of clay-rich playa sediments.
Click Image To View Full Size
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.
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