BELMONT ANNOUNCES REORGANIZATION
Vancouver, B.C. Canada, October 17, 2011 – Belmont Resources Inc. (“Belmont”, the “Company” or “BEA”) announces that the board of directors of the Company (the “Board”) has determined to proceed with the proposed share consolidation previously approved by shareholders at the Annual Special Meeting of Belmont (the “Meeting”) held on August 25, 2011. At the Meeting, shareholders approved a share consolidation, at the discretion of Company’s management and the Board, on the basis of one (1) new post-consolidated Belmont share for up to ten (10) pre-consolidated Belmont shares outstanding.
The Board has resolved to implement the consolidation ratio of one (1) new post-consolidated common share for every eight (8) pre-consolidated common shares (the “Share Consolidation”). Once complete, the 48,511,053 issued common shares currently outstanding will be reduced to 6,063,882 common shares (as calculated at the date of this release). No fractional common shares will be issued as a result of the Share Consolidation. The exercise price and number of common shares issuable under any outstanding convertible securities of the Company, including outstanding incentive stock options, common share purchase warrants, and property share payments, will be proportionately adjusted once the transaction is complete.
The Company’s common shares will continue to be traded on the TSX Venture Exchange under the symbol “BEA” on a post-consolidation basis. The consolidation of the Company’s shares is subject to all necessary regulatory approvals, including that of the TSX Venture Exchange.
About Belmont Resources Inc.
Belmont Resources Inc. is an emerging resource company engaged in the acquisition, exploration and development of mineral properties in Canada.
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 (50/50) with International Montoro Resources Inc. has acquired and explored 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 Res.) 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 the term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.