Belmont Arranges $537,950 Non-Brokered Private Placement
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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
Belmont Arranges $537,950 Non-Brokered Private Placement
March 4, 2022 -Vancouver, B.C. , Canada, - Belmont Resources Ltd. (“Belmont” or the “Company”)
(TSX.V: BEA; FSE: L3L2 ) announces that it has arranged and will be applying to the TSX Venture
Exchange to close a private placement of $537,950 through the issuance of 7,685,000 Units (the “Units”) at
$0.07. Each Unit will consist of one common share of the Company and one warrant exerciseable at $0.10
in the first year and $0.15 in the second year (the “Warrants”). The Warrants will be subject to an accelerated
expiry date, which comes into effect at such time as the trading price of the Company’s shares closes at or
above $0.25 per share for 10 consecutive trading day, the Company may accelerate the expiry date of the
Warrants by disseminating a press release and providing the Warrant holders with notice that such Warrants
will expire on the 30th day thereafter.
The securities to be issued will be subject to a four-month and one day hold period from closing. The terms
of the financing are subject to customary closing conditions including, but not limited to, receipt of applicable
regulatory approvals, including approval of the TSX-V.
Belmont announced in its January 13, 2022 news release that it had identified five high priority drill tar gets
from a recent 3D-IP survey on its 100% owned CBC copper/gold project. The Company intends to use the
proceeds of the financing for a drill program on the CBC project, anticipated April 2022 along with exploration
on its Greenwood gold camp projects and for working capital.
While the Company intends to spend the proceeds from the financing as stated above, there may be
circumstances where, for sound business reasons, funds may be reallocated at the discretion of the Board.
Come By Chance 2022 Drill Targets
NEWS RELEASE
March 4, 2022
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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
An insider of the Company will be participating as to 170,000 units ($11,900). As such, his participation
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 minority shareholder approval requirements of MI 61 -101 as neither the fair market value of
the FT Units acquired by the insiders nor the consideration for the Units paid by such insiders, exceed 25%
of the Company’s market capitalization. The Company did not file a material change report 21 days prior to
the closing date of the first tranche of the Offering as details of the respective participation of such insiders
in the Offering was unknown at such time.
Stock Options:
The Company also announces that it has granted 1,025,000 incentive stock options to certain directors
and officers 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 $0.10 per share for a period of five years
from the date of grant.
The Belmont project portfolio:
• Come By Chance, B.C. – * Copper-Gold mine
• Lone Star, Washington – * Copper-Gold mine
• Athelstan-Jackpot, B.C. – * Gold-Silver mines
• Pathfinder, B.C. – * Gold–Silver mines
• Black Bear, B.C. – Gold
• Pride of the West, B.C.- Gold
• Kibby Basin, Nevada – Lithium
• Crackingstone, Sask. – Uranium
* past producing mine
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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
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 contro l. 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 2022, 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.