Belmont Resources Ltd. (TSX.V: BEA; FSE: L3L2) proudly announces a Convertible Loan Agreement with HMS Bergbau AG, Berlin, amounting to $368,000 Cdn.

Investment and Agreement Details

HMS Bergbau AG’s investment follows a previous $420,000 investment from two European private firms. Patrick Brandl, serving on both Belmont and HMS’s boards, highlights the transaction as a related party involvement, adhering to MI 61-101 regulations. The agreement stipulates a non-interest-bearing loan, due by July 1, 2024, with a 12% p.a. interest penalty for late payment. Additionally, HMS may convert the debt into 9,200,000 common shares at $0.04 per share, pending TSX Venture Exchange approval.

Proceeds Allocation

The loan’s proceeds are to be allocated across exploration ($210,000), office and administrative expenses ($60,000), and unallocated working capital ($98,000). The funding aims to support Belmont’s North American uranium, gold, copper, lithium, and rare earths projects.

About HMS Bergbau AG

A leading commodity trading company, HMS focuses on the distribution of energy commodities, metals, ores, and renewable resources worldwide. The company is diversifying into commodity production and logistical solutions, shown through its recent acquisitions in Kazakhstan, positioning as a significant player in lithium and rare earth element production.

Belmont Resources Project Highlights

Belmont’s portfolio includes promising uranium and rare earth projects in Crackingstone, Saskatchewan. The Athelstan-Jackpot and Come By Chance areas offer potential gold and copper-gold porphyry prospects, respectively. The Lone Star and Kibby Basin projects further showcase Belmont’s commitment to exploring lithium resources in partnership with Australian Marquee Resources.

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