BELMONT ARRANGES $35,000 LOAN & ISSUES BONUS SHARES
Vancouver, B.C. Canada, August 15, 2017 - Belmont Resources Inc. (TSX.V: BEA; FSE: L3L1; DTC Eligible - CUSIP 080499403); ("Belmont", or the "Company").
Belmont has arranged a Demand Loan for $35,000 from a non-related party. The proceeds of the loan are to be used to renew its Bureau of Land Management (“BLM”) claims in the Kibby Basin, Nevada; for a further 12 months. The Company will continue to explore all avenues of funding to proceed with the electromagnetic resistivity (‘EM’) and possibly seismic survey of the property, which should generate higher aquifer probability targets for further drilling, and moving these assets forward.
The loan bears interest at 1.5% per month. In consideration for the loan, the Company has also agreed to issue, an aggregate of 140,000 bonus common shares, at a deemed price of $0.05 per share. The loan and issuance of bonus shares are subject to regulatory approval, and the shares issuable pursuant to the agreements will be subject to a four-month +1 day hold from the date issued.
About Belmont Resources Inc.
On March 30, 2016; the Company acquired sixteen placer (16) mining claims, representing 1036 hectares (2,560 acres) in Esmeralda County, Nevada, U.S.A. The Kibby Basin property is located 65 km north of Clayton Valley, Nevada-U.S.A. The Company believes the property to be highly prospective to host lithium.
On July 11, 2016; the Company reported it has arranged the staking of 213 x 20 acre additional placer mineral claims totaling approx. 1724 hectares (4,260 acres), adjoining the Kibby 16, increasing the total Kibby Basin land position (the “Property”) to 2760 hectares (6,820 acres).
In 50/50 ownership with International Montoro Resources Inc., Belmont has acquired and is exploring joint venture opportunities for its two significant uranium properties (Crackingstone -982 ha & Orbit Lake - 11,109 ha) in the Uranium City District in Northern Saskatchewan, Canada.
ON BEHALF OF THE BOARD OF DIRECTORS
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. Forward looking statements in this news release include statements about the possible raising of capital and exploration of our properties. 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 2016; 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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