Belmont Announces Agreement Relating to International Arbitration
20.11.2013 | Marketwired
VANCOUVER, BRITISH COLUMBIA -- (Marketwired - Nov. 20, 2013) - Belmont Resources Inc. ("Belmont", the "Company") (TSX VENTURE:BEA) (PINKSHEETS:BEAAF) (FRANKFURT:L3L) announces that is has entered into an agreement with EuroGas Inc. in respect of EuroGas' International Arbitration against the Slovak Republic in connection with the soapstone talc mineral deposit located near Gemerska Poloma, Slovak Republic.The Company has agreed to provide a Power of Attorney to a law firm located in Paris, France which is acting on behalf of both Belmont and EuroGas Inc. in filing an action for damages against the Slovak Federal Republic in the amount of up to 1.65 billion US dollars before an International Arbitration Court within the scope of the investor protection program provided by a Bilateral Investment Treaty (BIT) between the United States of America and the Czech and Slovak Federal Republic, which claimed amount is reported by Eurogas Inc. in its news releases. The agreement with EuroGas Inc. also stipulates that Belmont will not be responsible for any expenses, legal fees, or disbursements with respect to the lawsuit, and that the Company would be entitled to receive from EuroGas 3.5% of any award or settlement from the lawsuit subject only to legal fees and financing charges incurred by EuroGas in the Arbitration. The parties have also agreed that subject to TSX Venture Exchange ("TSXV") approval, Belmont shall grant to EuroGas 1,400,000 share purchase warrants (the "Warrants" and each, a "Warrant") whereby upon the occurrence of both: i) an award or settlement in favour of EuroGas in relation to the ICSID Arbitration; and ii) Belmont's entitlement to a portion of the award or settlement being received in its Canadian bank account, each Warrant may be exercised for the purchase of one common share in the capital stock of Belmont at a price of $0.12 per share for a period of two years from the date of grant.
Further information can be found on the Company's website at www.BelmontResources.com and on www.Sedar.com, or by phoning 604-683-6648.
ON BEHALF OF THE BOARD OF DIRECTORS
Vojtech Agyagos
President and CEO, Director
Neither the TSX Venture Exchange nor its Regulation Services Provider (as the term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Contact
Belmont Resources Inc.
(604) 683-6648
(604) 683-1350 (FAX)
belmontr@telus.net
www.BelmontResources.com
