UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 OF
THE SECURITIES EXCHANGE ACT OF 1934
For the month(s) of July, 2000.
BELMONT RESOURCES INC.
------------------------------------------------
(Translation of Registrant's Name Into English)
SEC File Number: 000-29616
#1180 - 666 Burrard Street, Vancouver, B.C. Canada V6C 2X8
-------------------------------------------------------------
(Address of Principal Executive Offices)
(Indicate by check mark whether the registrant files or will file annual
reports under cover of Form 20-F or Form 40-F.)
Form 20-F X Form 40-F
---- ----
(Indicate by check mark whether the registrant by furnishing the information
contained in this form is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of
1934.)
Yes X No
---- ----
[If "Yes" is marked, indicate below the file number assigned to the registrant
in connection with Rule 12g3-2(b): 82-686.
Exhibits
Exhibit 1 - July 4, 2000 Three Months Ended April 30, 2000 Unaudited Financials
c/w Form 61 and Schedules B & C
Exhibit 2 - July 18, 2000 - Form 27 Material Change Report
-----------------------------------
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
-------------------------------
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
Belmont Resources Inc.
(Registrant)
Date August 17, 2000
By /s/ GARY MUSIL
(Signature)
Gary Musil, Secretary/Director
<PAGE>
Exhibit 1
BELMONT RESOURCES INC.
CONSOLIDATED FINANCIAL STATEMENTS
FOR
THREE MONTHS ENDED
APRIL 30, 2000
(APRIL 30, 1999)
UNAUDITED
Prepared by Management
<PAGE>
UNAUDITED
Prepared by Management
BELMONT RESOURCES INC.
CONSOLIDATED BALANCE SHEET
AS AT APRIL 30, 2000
ASSETS
2000 1999
---- ----
CURRENT
Cash $ 17,829 $ 44,476
Term deposit - 101,326
Marketable securities 1,232,710 3,437,100
Accounts receivable 6,439 17,987
Refundable deposit 100,000 -
Prepaid expenses 368,223 3,378
----------- -----------
1,725,201 3,604,267
MARKETABLE SECURITIES - 2,291,400
ADVANCES - 55,000
DEFERRED ACQUISITION COSTS 16,040 -
RESOURCE INTERESTS 2,829,790 5,433,249
CAPITAL ASSETS 6,687 222,382
----------- -----------
$ 4,577,718 $ 11,606,298
=========== ===========
LIABILITIES
CURRENT LIABILITIES
Accounts payable and accrued liabilities $ 135,043 $ 48,143
Future income taxes - 568,603
----------- -----------
135,043 616,746
DUE TO SHAREHOLDERS 100,000 220
NON-CONTROLLING INTEREST - 8,673
FUTURE INCOME TAXES - 539,837
SHAREHOLDERS' EQUITY
SHARE CAPITAL 13,890,065 13,578,165
DEFICIT (9,547,390) (3,137,343)
----------- -----------
4,342,675 10,440,822
----------- -----------
$ 4,577,718 $ 11,606,298
=========== ===========
Approved on behalf of the Board
-----------------------------------------
-----------------------------------------
UNAUDITED
Prepared by Management
<PAGE>
BELMONT RESOURCES INC.
CONSOLIDATED STATEMENT OF OPERATIONS AND DEFICIT
FOR THE THREE MONTHS ENDED APRIL 30, 2000
2000 1999
---- ----
INTEREST INCOME $ (9,455) $ (417)
EXPENSES
Amortization 303 -
Audit and accounting - 315
Consulting - 2,500
Foreign exchange loss 6,404 -
Interest and bank charges 444 112
Legal 916 510
Management fees 13,500 13,500
Office and sundry 10,060 3,307
Property investigation 3,611 -
Regulatory and filing fees 4,019 1,238
Rent 4,500 4,500
Travel, promotion and shareholder info 12,276 5,556
Transfer agent fees 2,515 2,390
Telephone 789 1,375
Secretarial and administrative services 13,424 14,694
----------- -----------
Total administrative costs 72,761 49,997
=========== ===========
NET LOSS FOR THE PERIOD $ 63,306 $ 49,580
Deficit, beginning of period $ (9,484,084) $ (3,087,763)
----------- -----------
Deficit, end of period $ (9,547,390) $ (3,137,343)
=========== ===========
UNAUDITED
Prepared by Management
<PAGE>
BELMONT RESOURCES INC.
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE THREE MONTHS ENDED APRIL 30, 2000
2000 1999
---- ----
OPERATING ACTIVITIES
Net loss for the period $ (63,306) $ (49,580)
Add non cash items:
Amortization 303 -
Loss on marketable securities 867,439 -
----------- -----------
804,436 (49,580)
Net changes in other non-cash working capital items
Accounts receivable 4,827 (552)
Prepaid expenses (362,094) 108
Accounts payable 106,272 2,400
----------- -----------
553,441 (47,624)
=========== ===========
INVESTING ACTIVITIES
Mineral property expenditures (2,195,633) (94,123)
Acquisition of capital assets (1,540) -
----------- -----------
(2,197,173) (94,123)
----------- -----------
FINANCING ACTIVITIES
Issuance of share capital 284,480 57,740
Due to shareholders 100,000 -
----------- -----------
384,480 57,740
INCREASE (DECREASE) IN CASH (1,259,252) (84,007)
CASH, beginning of period 1,277,081 229,809
----------- -----------
CASH, end of period $ 17,829 $ 145,802
=========== ===========
Cash is represented by
Cash 17,829 44,476
Term deposit - 101,326
----------- -----------
17,829 145,802
=========== ===========
UNAUDITED
Prepared by Management
<PAGE>
BELMONT RESOURCES INC.
INTERIM CONSOLIDATED SCHEDULES OF RESOURCE PROPERTIES AND DEFERRED EXPLORATION
COSTS
FOR THE THREE MONTHS ENDED APRIL 30, 2000
2000 1999
---- ----
BALANCE - BEGINNING OF YEAR $ 634,157 $ 5,339,126
Acquisition costs 2,165,029 91,389
----------- -----------
DEFERRED EXPLORATION COSTS
Consulting 14,632 1,500
Travel and accommodation 15,972 1,234
----------- -----------
30,604 2,734
BALANCE - END OF PERIOD $ 2,829,790 $ 5,433,249
=========== ===========
UNAUDITED
Prepared by Management
<PAGE>
Quarterly Report FORM 61
--------------------------------------------------------------------------------
ISSUER DETAILS
For Quarter Ended: April 30, 2000
Date of Report: June 29, 2000
Name of Issuer: BELMONT RESOURCES INC.
Issuers Address: #1180 - 666 Burrard Street
Vancouver, B.C. V6C 2X8
Issuer Fax Number: 604-683-1350
Issuer Phone Number: 604-683-6648
Contact Person: Gary Musil
Contact Position: Secretary/Director
Contact Telephone Number: 604-684-6648
--------------------------------------------------------------------------------
CERTIFICATE
The One/Two schedules required to complete this Quarterly Report are attached
and the disclosure contained therein has been approved by the Board of
Directors. A copy of this Quarterly Report will be provided to any shareholder
who requests it.
--------------------------------------------------------------------------------
Directors Name: Gary Musil Date Signed: July 4, 2000
Directors Name: Vojtech Agyagos Date Signed: July 4, 2000
<PAGE>
BELMONT RESOURCES INC.
(the "Company")
SCHEDULE B:
SUPPLEMENTARY INFORMATION
1) DEFERRED EXPLORATION & DEVELOPMENT COSTS AND RELATED PARTY TRANSACTIONS
DURING THE FIRST QUARTER ENDED APRIL 30, 2000 AND CURRENT FISCAL YEAR-TO-
DATE:
Deferred exploration & development - NIL
----------------------------------
Related Party Transactions
--------------------------
During the quarter transactions took place with related parties as follows:
(i) Management fees totalling $13,500 were accrued/paid to an officer/
director.
(ii) The Company incurred $10,500 in office administrative services with a
officer/director.
(iii) Office rent totalling $4,500 was paid to a company managed by a
director.
(iv) On April 24, 2000, the Company, through one of its directors, advanced
a refundable deposit of $150,000 in respect of an oil concession in
Eastern Europe. After completing due diligence, the Company decided
not to proceed. The deposit was refunded plus interest in May 2000.
(v) On April 14, 2000, the Company received short-term loans totalling
$100,000 from a director and a company controlled by a person related
to the director. The loans were repaid in May 2000.
--------------------------------------------------------------------------------
2) a) SECURITIES ISSUED DURING THE QUARTER ENDED APRIL 30, 2000:
--------------------------------------------------------------------------------
No. of Type of
Date of Type of Type of Shares Price Total Consider-
Issue Security Issue Issued Share Proceeds ation
--------------------------------------------------------------------------------
Feb. 8/2000 Common Stock Options 45,000 $0.32 14,400 Cash
--------------------------------------------------------------------------------
Feb. 9/2000 Common Exercised 144,000 $0.32 46,080 Cash
--------------------------------------------------------------------------------
Feb. 22/2000 Common Exercised 400,000 $0.32 128,000 Cash
--------------------------------------------------------------------------------
Feb. 23/2000 Common Exercised 300,000 $0.32 96,000 Cash
--------------------------------------------------------------------------------
b) SUMMARY OF OPTIONS GRANTED DURING THE QUARTER ENDED APRIL 30, 2000:
--------------------------------------------------------------------------------
Date No. of Director of Exercise Expiry
Granted Shares Employee Price Date
--------------------------------------------------------------------------------
Feb. 18/00 75,000 Jake Bottay $0.50 Feb. 18, 2002
--------------------------------------------------------------------------------
<PAGE>
SCHEDULE B
(continued)
3) a) AUTHORIZED AND ISSUED SHARE CAPITAL AS AT APRIL 30, 2000:
The Company has authorized share capital of 50,000,000 common shares with no
par value.
The Company has issued and allotted shares of its capital stock totalling
20,653,012.
b) SUMMARY OF OPTIONS, WARRANTS AND CONVERTIBLE SECURITIES OUTSTANDING AS AT
APRIL 30, 2000:
--------------------------------------------------------------------------------
Security Number Exercise Price Expiry Date
--------------------------------------------------------------------------------
Options 850,000 $0.32 September 17, 2001
--------------------------------------------------------------------------------
Options 230,000 $0.32 January 13, 2002
--------------------------------------------------------------------------------
Options 75,000 $0.50 February 18, 2002
--------------------------------------------------------------------------------
c) SHARES IN ESCROW OR SUBJECT TO POOLING AS AT APRIL 30, 2000:
- Common shares in escrow - NIL
d) LIST OF DIRECTORS AS AT APRIL 30, 2000:
Vojtech Agyagos President/Director
Gary Musil Secretary/Director
Kenneth B. Liebscher Director
Peter P.H. John Director
Nicolo Bellanca Director
Peter E. Serck Director
Jake Bottay Director
<PAGE>
BELMONT RESOURCES INC.
(the "Company")
Form 61 Quarterly Report
SCHEDULE C:
MANAGEMENT DISCUSSION
REVIEW OF OPERATIONS IN THE QUARTER ENDED APRIL 30, 2000 AND UP TO
THE DATE OF THIS REPORT:
--------------------------------------------------------------------------------
Nature of Business:
At the Pezinok II mining concession the Company is inviting joint venture
partners to fund further metallurgical testing work, partners who have financial
resources and expertise, with the Company retaining an interest in the project.
With low gold prices causing major gold mine closures, management felt it wise
to pursue other exploration activity such as oil and gas. In March 1998 the
Company entered into an agreement to acquire the rights to explore for oil and
gas in a 209,950-acre concession area in eastern Slovakia, and subsequently sold
its interest to EuroGas Inc.
In March 1999 the Company acquired a mineral property in the Lac Rocher area of
Quebec where a recent nickle/cobalt discovery was announced and 50% interest in
an exploration permit in the Ungava region of Northern Quebec where Falconbridge
has been producing nickle since December 1997.
In April 2000 the Company completed the acquisition of 57% of Rozmin s.r.o.
which owns the Gemerska Poloma talc deposit in Eastern Slovak Republic (see News
Release following).
Investor Relations Activities:
There were no new investor relation's activities undertaken by or on behalf of
the Company during the quarter except for the dissemination of press releases to
the media, interested shareholders, investors, and brokers. No investor
relation's arrangements or contracts were entered into during the quarter.
Significant Events & Transactions:
(a) Acquisitions & Dispositions:
See section (c) following - March 1 and April 24, 2000 news releases.
(b) Material Expenditures:
The major increases were: Office & Administrative services $18,001 in 1999
($23,484 in 2000). These were mainly due to costs incurred in preparation of the
20-F filing with the U.S. Securities and Exchange Commission (the "SEC"), the
consolidated year-end audited financials and increased accounting due to
acquisitions and consolidations. Travel and p/r $5,556 in 1999 ($12,276 in 2000)
because of due diligence on the new acquisition in Slovakia. An increase of
$3,611 in property investigation costs was as a result of the Company's review
and due diligence of numerous prospects. Overall operating costs increased 45.5%
($22,764) more than 1999, as a result of the new acquisition in the quarter.
<PAGE>
SCHEDULE C:
(continued)
(c) News Releases & Material Change Reports:
March 1, 2000 - The Company announces that it has now signed an agreement with
Dorfner Firmengruppe (32.5%) and OSTU Industriemineral a division of Thyssen
Schachtbau GMBH (24.5%) of Germany to acquire 57% of Rozmin s.r.o. of the Slovak
Republic. The balance of 43% ownership in
Rozmin is held by Rima Muran s.r.o., a subsidiary of EuroGas Inc. Rozmin s.r.o.
a private Slovak mining company controls the massive Gemerska Poloma talc
deposit with an estimated 150 million ton talc carbonate reserve in Eastern
Slovak Republic. This talc deposit ranks as one of the largest in the world. The
acquisition price will be 2.85 million DEM (German marks), approximately $2.06
million Cdn.
An evaluation and analysis of the feasibility study completed by Hansa GeoMin
Consult of Germany indicated that the European market requires over 1.2 million
tons of talc per year to supply the paper, plastics and paint industries. With
the estimated 30 million tons of contained talc at an average selling price of
500 DEM/ton ($375 Cdn. per ton) the value is significant. The Company intends to
proceed with the first stage of mine development in the western part of the
orebody with 5.9 million tons of mineralized talc rock containing 1.6 million
tons of talc. Based on the high-grade reserves at a cut-off grade of 40%, the
mine layout is designed for a yearly capacity of 130,000 tpy.
April 24, 2000 - Further to our News Release of March 1, 2000 we are pleased to
announce that we have completed the purchase of a major industrial mineral
deposit in the Slovak Republic by way of cash payments. The carbonate type
deposit and resulting purity of the valuable mineral enhances the efficiency of
the benefication process and allows a higher purity to be attained in the final
project.
The proven configuration of the mineralized ore body extends in an East-West
direction over 1,000 metres and North-South about 800 metres, with a thickness
of approx. 400 metres. The deposit averages around 200 metres in depth. In
consideration of the spatial dimensions and the average carbonate/talc ratio of
4:1 this deposit can be classified as massive.
Talc is one of the most valuable industrial minerals. It is widely used in
industry as a filler in plastics for the automobile industry, in paper
production and in the production of paints and lacquers as well as in the
cosmetic and pharmaceutical industry.
This project is positively received and supported by the regional government
agencies and political representatives alike, with the project boosting the
local economy and providing employment for local residents. The Company will now
begin review of the development plans in place and proceed with the first stage
of mine development in the western part of the orebody within the next 6 weeks.
For a discussion of the contingencies and uncertainties to which information
respecting future events is subject, see Belmont's 1999 annual report on Form
20F and other SEC reports.
<PAGE>
SCHEDULE C:
(continued)
(d) Breaches of corporate, securities or other laws, or of an Issuer's
listing agreement with the Vancouver Stock Exchange: None
(e) Regulatory Approval:
(i) On February 3, 2000 the Company received acceptance from the Canadian
Venture Exchange ("CDNX") for filing the 230,000 options granted at a
price of $0.32 expiring January 13, 2002.
(ii) On February 8, 2000 the Company received acceptance from the CDNX for
filing an Initial Agreement with McCallan Oil & Gas GesmbH and Sierra
International Group to acquire a 25% interest in a Slovakian oil
exploration company.
(iii) On February 15, 2000 the Company received acceptance from the CDNX
for filing an Option Assignment Agreement dated January 4, 2000
between the Company and Montoro Resources Inc. ("MNQ") regarding
mineral property in Ungava, Quebec.
(iv) On March 2, 2000 the Company received acceptance from the CDNX for
filing the 75,000 options as proposed at a price of $0.50 expiring
February 18, 2002.
(v) On April 3, 2000 the Company received acceptance from the CDNX for
filing two agreements relating to the acquisition of 57% of the
shares in a private Slovakian mining Company which controls the
Gemerska - Poloma talc deposit.
(f) Working Capital:
Working capital is in excess of $1,590,158.
(g) General:
(i) On March 29, 2000 the Company published advance notice of its
upcoming Annual General Meeting to be held July 24, 2000.
<PAGE>
Exhibit 2
FORM 27
SECURITIES ACT
MATERIAL CHANGE REPORT UNDER SECTION 67(1) OF THE ACT
ITEM 1. REPORTING ISSUER
Belmont Resources Inc. (the "Company")
1180 - 666 Burrard Street
Vancouver, BC V6C 2X8
ITEM 2. DATE OF MATERIAL CHANGE
July 18, 2000
ITEM 3. PRESS RELEASE
Issued July 18, 2000 and distributed through the facilities of
Vancouver Stockwatch.
ITEM 4. SUMMARY OF MATERIAL CHANGE
Belmont announces that is has entered into an agreement with EuroGas,
Inc. to repurchase the 90% interest in Maseva Gas s.r.o. Maseva
controls the 209,950-acre Kralovsky Chlmec oil and gas concession area
in eastern Slovakia.
ITEM 5. FULL DESCRIPTION OF MATERIAL CHANGE
Belmont announces that is has entered into an agreement with EuroGas,
Inc. (OTC-BB-EUGS) to repurchase the 90% interest in Maseva Gas s.r.o.
("Maseva"). Maseva controls the 209,950-acre Kralovsky Chlmec oil and
gas concession area in eastern Slovakia. The concession is adjacent to
the Trebisov area where five commercially viable wells were drilled in
1996/97. Belmont is now inviting joint venture partners to participate
in the exploration/development of this concession. In exchange for the
90% interest, Belmont agrees to advance EuroGas' portion of the cost
of placing the Gemerska Poloma talc deposit into production. Belmont
owns a 57% interest and EuroGas controls the balance in the operating
company which owns the deposit.
As further consideration EuroGas, Inc. also agrees to re-price and
amend the terms of the warrant granted by EuroGas to Belmont. The 2.5
million warrants shall be amended such that the warrant shall have an
expiry date of June 14, 2002 and the exercise price reduced from $2.50
to $0.82 USD per share.
ITEM 6. RELIANCE ON SECTION 67(2) OF THE ACT
This report is not being filed on a confidential basis.
ITEM 7. OMITTED INFORMATION
There are no significant facts required to be disclosed herein which
have been omitted.
ITEM 8. DIRECTOR/SENIOR OFFICER
Contact: Gary Musil, Secretary
Telephone: (604) 683-6648
ITEM 9. STATEMENT OF SENIOR OFFICER/DIRECTOR
The foregoing accurately discloses the material change referred to
herein.
/s/ GARY MUSIL
Gary Musil, Secretary/Director
DATED this 18th day of July, 2000.
<PAGE>
