Belmont Resources $368,000 Financing
Belmont Resources $368,000 Financing
March 1, 2024 ‐Vancouver, B.C., Canada; Belmont Resources Ltd. (“Belmont” or the “Company”) (TSX.V: BEA; FSE:
L3L2) is pleased to announce that it will apply to the TSX Venture Exchange to close a financing for aggregate gross
proceeds of $368,000. The Company will issue 9,200,000 common shares at $0.04. Warrants are not attached.
The common shares to be issued will be subject to a hold period expiring four months and one day from issuance.
The investor is non‐arm's length to the Company as Patrick Brandl, a director of the Company, also sits on the
Supervisory Board of the investor. As such, this transaction constitutes a "related party transaction" as defined
under Multilateral Instrument 61‐101 Protection of Minority Security Holders in Special Transactions ("MI 61‐101").
Such participation is exempt from the formal valuation and mino rity shareholder approval requirements of MI 61‐
101 as neither the fair market value of the financing by the in sider exceed 25% of the Company's market
capitalization.
The use of proceeds will be allocated as: $210,000 exploration and incurred exploration expenditures; $60,000
office and administration (salaries, management, audit & legal); unallocated working capital $98,000. No proceeds
will be used for Investor Relations. While the Company intends to spend the net proceeds as stated above, there
may be circumstances where, for sound business reasons, funds may be reallocated at the discretion of the Board.
Stock Options
The Company also announces that it has granted 1,100,000 stock options to certain directors, officers and
consultants of the Company in accordance with the Company's current stock option plan. Each option is
exercisable into one common share of the Company at a price of $0.05 per share for a period of five years from the
date of grant. The options to be granted will be subject to a hold period expiring four months and one day from
issuance.
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:
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 is planned to start approximately August 15, 2023
NEWS RELEASE
March 1, 2024
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Contact: George Sookochoff, President & CEO
Email: [email protected]
Suite 615 – 800 W. Pender Street,
Vancouver, B.C. V6C 2V6
Ph: 604-505-4061
BEA TSX.V
Crackingstone Uranium: High grade uranium property situated in the prolific Beaverlodge Uranium
District of the Athabaska basin. The Project covers 4 kilometers of the Black Bay Shear Zone, a northeast
trending magnetic low corridor which hosts 4 past producing mines.
Come By Chance (CBC): 2021 geophysics delineated potential large copper‐gold porphyry;
2022 drilling provided further vectors towards potential core of porphyry;
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 a PEA in November 2023 earning them a 50%
interest in the property.
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 $2.5M 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.
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.
Belmont Projects
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Contact: George Sookochoff, President & CEO
Email: [email protected]
Suite 615 – 800 W. Pender Street,
Vancouver, B.C. V6C 2V6
Ph: 604-505-4061
BEA TSX.V
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.