Belmont Signs Binding Term Sheet for its Crackingstone Uranium Property

Belmont Signs Binding Term Sheet for its Crackingstone Uranium Property

XS Resources Pty Ltd.To Acquire Up To 80% Interest in Crackingstone

Vancouver, B.C. Canada – TheNewswire – November 25, 2021 – Belmont Resources Inc. (“Belmont”), (or the “Company”), (TSXV:BEA) (FSE:L3L2) is pleased to announce that it has entered into a binding term sheet agreement (the “Agreement”) with respect to its Crackingstone Uranium Project (“Crackingstone”) in the Athabasca Basin of Northern Saskatchewan, Canada with XS Resources Pty Ltd. (“XSR”).

XS Resources is an Australian private resource exploration company currently applying for listing on the Australian Securities Exchange (“ASX”)

Under the terms of the agreement, XSR will make cash payments totaling $100,000 to Belmont upon the receipt of ASX approval under the Listing Rules, spend $2,500,000 in exploration expenditures over a two-year earn-in period and issue to Belmont, shares equivalent to a value of $250,000 (based on the issue price of ListCo Shares pursuant to ListCo’s IPO prospectus) to earn up to an 80% […]

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