Belmont Resources Inc. announced a private placement of 7,000,000 non-flow-through units at a price of CAD 0.05 per unit for gross proceeds of CAD 350,000 and 7,500,000 flow-through units at CAD 0.07 for gross proceeds of CAD 525,000; for aggregate gross proceeds of CAD 875,000 on January 24, 2023. Each unit consists of one common share and one warrant exercisable for two years at a price of CAD 0.10 for first year and CAD 0.15 per share for second year. All securities issued shall be subject to a hold period expiring four months and one day from their date of issuance.

The transaction is subject to the receipt of all necessary regulatory approvals, including the approval of the TSX Venture Exchange.