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…
