Belmont Resources Inc. (TSX.V –“BEA”) (the “Company”) is increasing the non-brokered private placement financing announced February 8, 2011 from $300,000 to raise up to $395,000. The units being sold are as follows:
The sale of up to 5,250,000 units at $0.075 per unit. Each unit will consist of one common share and one non-transferable common share purchase warrant. One warrant will entitle the holder thereof to purchase one additional common share of the Company for a period of two years at a price of $0.10 per share in the first year and $0.15 per share in the second year from issuance.
The Company intends to utilize the proceeds of the private placement for general working capital and further property acquisitions. The Company will pay an 8% finder’s fee or commission in accordance with the policies of the TSX Venture Exchange. The private placement is subject to the approval of the TSX Venture Exchange.
About Belmont Resources Inc.
Belmont has recently entered into an option to acquire 100% interest in 3,040 ha. (23 contiguous mineral claims), known as the Lumby/Bufo property located approximately 35 km. northeast of the town of Atikokan and adjoining on strike to the north-northeast with the Osisko Mining Corp. (former Brett Resources Inc.) “Hammond Reef” deposit.
Belmont Resources Inc. has previously focused on acquiring and developing uranium properties in developed and emerging uranium districts. Belmont (50/50) with International Montoro Resources Inc. has acquired two significant uranium properties (Crackingstone –982 ha & Orbit Lake –11,109 ha) in the Uranium City District in Northern Saskatchewan. The Company also holds interests (50/50 with Int. Montoro) in one rare earth mineral and one uranium claim block in the Central Mineral Belt in Labrador.
Further information can be obtained from the Company website at www.BelmontResources.com and www.sedar.com, or by phoning 604-683-6648.
ON BEHALF OF THE BOARD OF DIRECTORS
The statements used in 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 that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.