Home Commodities Major Independent German Commodity Trading Company Invests in Belmont Resources

Major Independent German Commodity Trading Company Invests in Belmont Resources

14
0

(TheNewswire)


Belmont Resources Inc.


February 8, 2024 -Vancouver, B.C., Canada; Belmont
Resources Ltd. (“Belmont” or the “Company”) (TSX.V: BEA; FSE:
L3L2) is pleased to announce that it has entered into a Convertible
Loan Agreement for $368,000 Cdn. with HMS Bergbau AG, Berlin Germany
(“HMS”).


The HMS investment follows a previous $420,000 Cdn
investment from two European private investment holding companies
(



see NR Oct. 19, 2023



).


HMS is non-arm’s length to the Company as Patrick
Brandl, a director of Belmont, is also on the Supervisory Board of
HMS. 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 minority shareholder approval requirements of MI 61-101 as neither
the fair market value of the Convertible Loan by the insider exceed
25% of the Company’s market capitalization.


The Loan shall bear no interest and payable on or
before July 1, 2024.   If Belmont fails to repay the Loan in full on
or before July 1, 2024, interest on arrears of 12% p.a. will be
payable by Belmont beginning July 2, 2024.


HMS has the option to have the Debt paid through the
issuance of 9,200,000 common shares, at a deemed value of $0.04 per
share, subject to the approval of the TSX Venture Exchange.


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.  While the Company intends to spend the net
proceeds from the loan as stated above, there may be circumstances
where, for sound business reasons, funds may be reallocated at the
discretion of the Board.


The closing of the transaction is subject to the
approval of the TSX Venture Exchange.


George Sookochoff, President &
CEO commented


“We’re thrilled to collaborate
with a multinational corporation like HMS Bergbau AG as they venture
into commodity production, broadening their scope. Their investment
serves as a vote of confidence in our team, our initiatives, and our
outlook.”


About HMS Bergbau AG


HMS Bergbau AG (HMS) stands out as a prominent
independent commodity trading enterprise based in Germany. Its primary
focus lies in the global procurement and distribution of energy
commodities, metals, ores, and various renewable resources.


The company’s global presence is further underscored by
its subsidiaries, including HMS Bergbau Africa (Pty) Ltd., HMS Bergbau
Singapore Pte Ltd., PT. HMS Bergbau Indonesia, HMS Bergbau Dubai FZCO,
and HMS Bergbau USA Corp.


HMS is increasingly developing into a diversified
international commodity trading group and is actively expanding
towards commodity production and logistical solutions.


In July 2023 HMS announced the acquisition of two
majority shareholdings in Kazakhstan-based companies with mining and
exploration licenses for lithium, cobalt, nickel, tantalum and rare
earths in


the Alatau region of Kazakhstan.
Investment is expected to amount to $500 million in East Kazakhstan.
Kazakhstan has an estimated 8.6 million tonnes of lithium resources,
making it the fifth-largest holder of lithium reserves in the world,
according to the United States Geological Survey.


Dennes Schwindt, CEO of HMS Bergbau
AG stated


“We also see the new majority
shareholdings in Kazakhstan as another milestone in the transformation
process of HMS Bergbau AG, which is transforming into an
internationally positioned raw materials trading and marketing
group.”


HMS Bergbau AG (HMS) is listed on the Basic Board of
the Frankfurt Stock Exchange. (HMU.DE)


About Belmont Resources


Belmont Resources has assembled a portfolio of highly
prospective uranium, gold, copper, lithium and rare earths projects
situated in North America. Its holdings include:


Situated in the Uranium City area of northern
Saskatchewan where sixteen uranium deposits were brought into
production. Crackingstone has a rich history of high grade uranium
sampling.


–   11 tons were shipped to the Lorado mill grading
2.3% U3O8.


–   Rix Athabasca Uranium Mines Ltd. reported a grab
assay of 12.53% U308


–   46 ton hand sorted bulk sample assaying 0.5%
U308.


–   6.5 ton hand sorted bulk sample assaying 0.5%
U308.


Some of the highest grade Rare Earth Elements (REE’s)
are being discovered nearby Crackingstone in Northern Saskatchewan
within coincident Thorium & Pegmatite anomalies. Crackingstone
along with its high grade uranium, has similar criteria for Rare Earth
discoveries (Thorium & Pegmatite anomalies) which will be
aggressively explored for in Q2 2024.


2023 drilling targeted a potential feeder system to 2
former gold mines. Initial results provide important vectors pointing
further east to the major Jackpot fault which may have provided the
conduit for hydrothermal mineralization to flow to surface.


  • Come By Chance (CBC) Copper-Gold:


    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 in excess of $2.5M in drilling, In November 2023 MQR announced a
    Preliminary Economic Assessment and currently holds a 50% interest in
    the project.


  • The


    Kibby Basin
    Lithium:


    Situated 60 kilometers north of the
    lithium rich Clayton Valley Basin in Nevada. Belmont has optioned 80%
    of the central Kibby Playa claim block to Australian Marquee Resources
    – MQR. MQR has spent in excess of $3.0M in drilling in 2022 for
    potential deep seated lithium brine. Where water is precious Belmont
    holds 2 water licenses for the Kibby Basin.





Click Image To View Full Size


NI 43-101 Disclosure:


The technical information in this news release has been
prepared in accordance with Canadian regulatory requirements as set
out in National Instrument 43-101 and has been reviewed and approved
by Laurence Sookochoff, P.Eng.


ON BEHALF OF THE BOARD OF DIRECTORS


“George
Sookochoff”


George Sookochoff, CEO/President/Chairman


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 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.

Copyright (c) 2024 TheNewswire – All rights reserved.

Source link

LEAVE A REPLY

Please enter your comment!
Please enter your name here