Belmont Resources Proceeds with Eight (8) to One (1) Consolidation of Share Capital
TSX VENTURE: BEA
VANCOUVER, BC / ACCESSWIRE / June 4, 2019 / Belmont Resources Inc. ("Belmont"), (or the "Company"), (TSX-V: BEA; FSE: L3L1; DTC Eligible - CUSIP 080499502 -new).
Belmont Resources Inc. (TSX-V: BEA) announces that effective June 6, 2019 at market open, the Company will consolidate its common shares on the basis of one (1) new post-consolidated common share for every eight (8) pre-consolidated common shares. The Company's common shares will begin trading on a post consolidated basis on the TSX Venture Exchange on June 6, 2019.
As a result of the consolidation, the Company's outstanding 92,229,906 common shares were reduced to 11,528,739 common shares. No fractional shares will be issued. Any fractions of a share will be rounded to the nearest whole number of common shares. The Company's name and trading symbol will remain unchanged. The consolidation was approved by the directors of the Company on May 24, 2019 and accepted by the TSX Venture Exchange.
Registered shareholders will be required to exchange their share certificates representing pre-consolidation common shares for new share certificates representing post-consolidation common shares. Registered shareholders will be sent a transmittal letter from the Company's transfer agent, AST Trust Company (Canada), as soon as practicable after the effective date of the consolidation. The letter of transmittal will contain instructions on how certificate(s) representing pre-consolidation shares may be surrendered to AST Trust Company (Canada). The transfer agent will forward to each registered shareholder who has provided the required documents a new share certificate representing the number of post-consolidation common shares to which the shareholder is entitled. Until surrendered, each certificate representing pre-consolidation common shares of the Company will be deemed for all purposes to represent the number of whole post-consolidation common shares to which the holder is entitled as a result of the consolidation.
It is the opinion of the Board of Directors of the Company the consolidation will facilitate new equity investment in the Company.
About Belmont Resources Inc.
Belmont is an emerging resource company engaged in the acquisition, exploration and development of mineral properties in Canada and Nevada, U.S.A.
(i) On March 28, 2019 Belmont entered into an agreement to acquire 100% interest in 253.34 hectares of mineral claims (now increased to 295.56 ha) which are part of the former Pathfinder Property, located in the historically productive Republic-Greenwood Gold District. Copper and gold mining in this camp dates back to the turn of the century. The property is currently surrounded on 3 sides by claims held by KG Exploration (Canada) Inc. (a wholly owned subsidiary of Kinross Gold Corporation).
(ii) Belmont owns the Kibby Basin Lithium project covering 2,056 hectares (5,080 acres) in Esmeralda County, Nevada, U.S.A. The Kibby Basin property is located 65 km north of Clayton Valley, Nevada the location of the only US Lithium producer. MGX Minerals Inc. (CSE: XMG) has earned a 25% interest in the Kibby project.
(iii) In 50/50 ownership with International Montoro Resources Inc., Belmont owns and is exploring joint venture opportunities for its significant uranium properties (Crackingstone -982 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 2019, 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.
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.