Belmont Applies For Approval of Warrant Exercise Incentive

2021-09-10 / @thenewswire

(TheNewswire)

Vancouver, BC, Canada - TheNewswire - September 10, 2021; Belmont Resources Inc. (TSXV:BEA) (Frankfurt:L3L2) (“Belmont” or the “Company”) announces that it intends to apply for approval of a warrant exercise incentive program (the “Incentive Program”) with the TSX Venture Exchange (the “Exchange”).

As announced on March 31, 2020 and April 28, 2020, the Company completed private placement offerings of 6,655,500 Units at $0.03. Each Unit was comprised of one (1) common share and one (1) share purchase warrant for two (2) years at $0.05 from the date of issuance (the “Placement Warrants”). The Company has 5,780,500 outstanding Placement Warrants priced at 0.05 cents expiring March 31, 2022 and April 28, 2022.

Under the proposed Incentive Program, if the Placement Warrants are exercised prior to 4:00 p.m. (Vancouver Time) on the 30th day after TSX Venture Exchange Approval (the “Incentive Period”), the Placement Warrant holder will receive one (1) additional warrant (an “Incentive Warrant”) in consideration of the early exercise of each Placement Warrant. Each Incentive Warrant will be exercisable to acquire one (1) common share of the Company at a price of $0.10 per share for a period of one (1) year from the date of issuance. The Company believes this will give existing Placement Warrant holders the right incentive to exercise their Placement Warrants. The Incentive Warrants and any Shares issued upon the exercise of the Incentive Warrants will be subject to a hold period expiring four months plus one day after the date of distribution of the Incentive Warrant.

In the event a Placement Warrant holder determines not to participate in the Incentive Program, then following the expiry of the Incentive Period, the Placement Warrant holder may exercise the Placement Warrants on their original terms or allow them to expire unexercised.

No Directors or Officers of the Company will participate in the Incentive Program. The Company is not aware of any potential new insider position that would be created upon the exercise of the Placement Warrants nor Incentive Warrants.

There are no guarantees of Exchange approval, and the Company will provide investors an update once it receives a decision from the Exchange.

Further details on the manner by which Placement Warrant holders may exercise their Placement Warrants under the Incentive Program will be provided once Exchange approval is granted.

The Company intends to use the proceeds from the exercise of any Placement Warrants for working capital and exploration on properties.

These securities have not been and will not be registered under the United States Securities Act of 1933, as amended, (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from registration is available. This announcement does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in this Warrant Incentive Program within the United States or to, or for the account or benefit of, U.S. Persons (as defined under Regulation S under the U.S. Securities Act).

About Belmont Resources

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Belmont Resources is engaged in the business of acquiring and re-developing past producing copper-gold-silver mines in southern British Columbia and Northern Washington State. This region is considered to have the highest concentration of mineralization and past producing mines in western North America. By utilizing new exploration technology, geological modelling and specialized 3D data analysis, the company is successfully identifying new areas of mineralization beneath and/or in the near vicinity of the past producing mines.

The Belmont project portfolio:

- Athelstan-Jackpot, B.C. – *Athelstan & Jackpot Gold-Silver mines

- Come By Chance, B.C. – *Betts Copper-Gold mine

- Lone Star, Washington – *Lone Star Copper-Gold mine

- Pathfinder, B.C. – *Bertha & Pathfinder 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

ON BEHALF OF THE BOARD OF DIRECTORS

“George Sookochoff”

George Sookochoff, CEO/President

Ph: 604-505-4061

Email: george@belmontresources.com

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.