Belmont Resources Inc. announced that it has entered into convertible loan agreements in the aggregate principal amount of CAD 420,000 on October 19, 2023. The transaction will include participation from two private investment holding companies. The loans shall bear no interest and payable on or before April 1, 2024.

If the company fails to repay the loans in full on or before April 1, 2024, interest on arrears of 12% p.a. will be payable beginning April 2, 2024. The lenders have the option to have the debt paid through the issuance of 14,000,000 common shares, at a deemed value of CAD 0.03 per share, subject to the approval of the TSX Venture Exchange. The closing of the transaction is subject to the approval of the TSX Venture Exchange.