BELMONT CLOSES 1ST TRANCHE OF FINANCING FOR $95,000
Vancouver, B.C. Canada, July 9, 2015 – Belmont Resources Inc. (“Belmont”, the “Company” or “TSX.V: BEA”). Further to the TSX Venture Exchange bulletin of July 6, 2015, the Company is pleased to announce completion of the 1st tranche of its non-brokered private placement.
The Company has issued 1,900,000 units for gross proceeds of $95,000 to six placees. Each unit consists of one common share at a price of $0.05 and one two year transferable share purchase warrant (“Warrant”). Each full Warrant will entitle the holder to purchase one additional common share of the Company for a period of two years at a price of $0.08 in the first year up to July 6, 2016 and at $0.10 at any time after July 6, 2016 but on or before July 6, 2017. The Common Shares and Warrants are subject to a hold period expiring November 7, 2015. Finder’s fees of $5,812.50 and 15,000 warrants were paid as a result of this transaction.
The Company has agreed to grant a right of first refusal to a group to participate in any future financings for 12 months.
Lumby/Bufo property – Atikokan, Ontario
As a result of current market conditions, the Company has decided to discontinue exploration and incurring maintenance costs on its Lumby/Bufo property and has returned the property to its original vendor.
The Company is continuing to receive subscriptions for a 2nd tranche of the private placement for additional financing for exploration of its other mineral properties and working capital.
About Belmont Resources Inc.
In March 2015, the Company entered into a Letter of Intent to acquire 51% ownership in 32 mineral claims (1,696 ha) known as the “KM 140 Property”, in the James Bay Region of Quebec. The Company is completing due diligence on these claims and hoping to secure financing prior to signing a final option agreement for this property.
In June 2012, the Company entered into a property option agreement to acquire four groups of mineral (51) claims, representing 2,254.27 hectares in the Berthiaume, Orvilliers and Joutel Townships, all located within the Abitibi Harricana-Turgeon volcanic greenstone of Northwestern, Quebec. This belt hosts several world- class deposits that have produced both gold and base metals.
In 50/50 ownership with International Montoro Resources Inc., Belmont has acquired and is exploring joint venture opportunities for its two significant uranium properties (Crackingstone -982 ha & Orbit Lake – 11,109 ha) in the Uranium City District in Northern Saskatchewan.
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
This Press Release may contain forward-looking statements that may involve a number of risks and uncertainties. Actual events or results could differ materially from the Companies forward-looking statements and expectations. 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.