August 23, 2022 – TheNewswire – Vancouver, BC, Canada – Belmont Resources Ltd. (“Belmont” or the “Corporation”) (TSXV: BEA); (FSE: L3L2) is is pleased to announce that it has entered into an agreement with EuroSwiss Equity Group (“EuroSwiss”) of Switzerland whereby EuroSwiss will assist Belmont with business development, media outreach and provide key introductions to the European investment community .
George Sookochoff, CEO of Belmont Resources, said: “EuroSwiss is a well-established European capital markets group. They have built a large following of institutions and wealthy investors across Europe. We look forward to working with EuroSwiss and gaining access to their multi-faceted targeted services.
The European community returns from summer vacation in September and now is the perfect time to launch our European marketing campaign. Our project will generate a lot of news in the coming months which we are sure will generate great interest within the European investment community.”
Under the agreement, Belmont will pay EuroSwiss a commission of CAD$48,000 for a 12-month term.
The agreement is subject to the approval of the TSX Venture Exchange.
Belmont arranges $210,000 non-brokered private placement
Belmont also announces that it is undertaking a non-brokered private placement and will apply to the TSX Venture Exchange to close a private placement of up to $210,000 through the issuance of 3,000,000 units (the “Units”) at 0, $07. Each Unit will consist of one common share of the Company and one warrant exercisable at $0.10 in the first year and $0.15 in the second year (the “Warrants”).
The Company intends to pay finder’s fees of up to 8% in cash and 8% in warrants, subject to compliance with applicable securities laws and the policies of the TSX Venture Exchange.
The securities to be issued will be subject to a hold period of four months and one day from closing. The terms of the financing are subject to customary closing conditions, including, but not limited to, receipt of applicable regulatory approvals, including the approval of the TSX Venture Exchange.
The Company intends to use the proceeds of the financing for further exploration on its Greenwood copper/gold camp projects and for working capital. Although the Company intends to spend the proceeds of the funding as set out above, there may be circumstances where, for sound business reasons, the funds may be reallocated at the discretion of the Board.
About Belmont Resources
Belmont Resources has built a portfolio of highly prospective copper-gold-lithium and uranium projects located in British Columbia, Saskatchewan, Washington and Nevada. Its holdings include Come By Chance (CBC), Athelstan-Jackpot (AJ) and Pathfinder located in the prolific Greenwood mining camp in southern British Columbia. The Crackingstone Uranium Project in the uranium-rich Athabaska Basin in northern Saskatchewan. The Lone Star copper-gold mine in the mineral-rich Republic mining camp of north-central Washington state and the Kibby Basin Lithium project located 60 kilometers north of the lithium-rich Clayton Valley basin.
Key Project Updates
Kibby Lithium Project, Nevada
A 3,000 m drilling program is underway targeting a potential large lithium brine aquifer. BEA NR May 19, 2022
Lone Star Copper-Gold Project, Washington State
Belmont’s JV partner recently completed a 7,800 meter drill program. The engineering company Mining Plus Pty Ltd. is currently performing a NI 43-101 resource estimate. BEA NR August 17, 2022
Come By Chance (CBC) Copper-Gold Project, BC
Belmont recently completed a 2,300m Phase I drill program with results supporting a copper-gold porphyry system. Porphyry-type mineralization and alteration were identified in the 6 holes drilled.
Belmont plans Phase II drilling in October 2022. BEA NR August 17, 2022
ON BEHALF OF THE BOARD OF DIRECTORS
George Sookochoff, CEO/President
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
This press release may contain forward-looking statements that may involve a number of risks and uncertainties, based on management’s assumptions and judgments regarding future events or results that may prove to be inaccurate due to exploration and other risk factors beyond their control. Actual events or results could differ materially from the forward-looking statements and expectations of the Company. These risks and uncertainties include, among others, that we may not be able to obtain regulatory approval; that we may not be able to raise necessary funds, that closing conditions may not be satisfied and that we may not be able to organize and complete 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 press release and, except as required by applicable law, the Company undertakes no obligation to update these forward-looking statements or to update the reasons why actual results differ from those projected in the forward-looking statements.