BELMONT CLOSES 2nd TRANCHE OF PRIVATE PLACEMENT FOR $11,400
Vancouver, B.C. Canada, January 26, 2016 – Belmont Resources Inc. (“Belmont”, the “Company” or “TSX.V: BEA”). Further to our news releases of October 13 & November 26, 2015 the Company is proceeding to close the 2nd tranche of the private placement.
Upon closing of the 2nd tranche of the private placement the Company will issue 380,000 common shares (without warrants at a price of $0.03 per share for gross proceeds of $11,400. The shares are being issued to officers and directors of the Company and will be subject to a statutory hold period expiring four months and one day from closing.
The Company has received an investors Personal Information (“PIF”)-Form 2A for filing and acceptance from the TSX Venture Exchange, prior to closing a 3rd tranche. The 3rd tranche if approved will result in the issuance of 1,135,000 shares to one placee who will then be a new insider, as further detailed in the January 18, 2016 news release.
The use of proceeds of the 2nd and 3rd tranche is for working capital as previously detailed in the October 13, 2015 news release.
About Belmont Resources Inc.
Belmont is an emerging resource company engaged in the acquisition, exploration and development of mineral properties in Canada.
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, based on assumptions and judgments of management regarding future events or results that may prove to be inaccurate as a result of exploration and other risk factors beyond its control. Forward looking statements in this news release include statements about the possible raising of capital and exploration of our properties. Actual events or results could differ materially from the Companies forward-looking statements and expectations. These risks and uncertainties include, among other things, that we may not be able to obtain regulatory approval; that we may not be able to raise funds required, that conditions to closing may not be fulfilled and we may not be able to organize and carry out an exploration program in 2015; and other risks associated with being a mineral exploration and development company. These forward-looking statements are made as of the date of this news release and, except as required by applicable laws, the Company assumes no obligation to update these forward-looking statements, or to update the reasons why actual results differed from those projected in the forward-looking statements.
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.