BELMONT APPLIES FOR WAIVER TO PRIVATE PLACEMENT PRICING
Vancouver, B.C. Canada, October 13, 2015 – Belmont Resources Inc. (“Belmont”, the “Company” or “TSX.V: BEA”). Further to our news releases of October 1, 2015 and as a result of current market conditions, the Company will be making an application to the TSX Venture Exchange (the “Exchange”) for a waiver to the private placement price as the proposed subscription price is below the minimum allowed pursuant to the rules.
The Company proposes to proceed with a working capital financing of up to $390,000 with 13 million units to be issued at $0.03. Each unit will comprise of one share and one share purchase warrant. Each whole warrant will permit the holder to acquire one additional share at a price of $0.06 in the first year and at $0.10 in the second year after closing.
The Company will pay a finder’s fee of up to 8% in cash or warrants. The Common Shares and Warrants are subject to a statutory hold period and the financing is subject to Exchange acceptance.
Approximately $150,000 will be expended on exploration and a property payment on the Berthiaume Property in the Abitibi, Quebec region. $115,000 will be allocated to paying trade payables, accrued liabilities, and amounts due to management and administrative related parties. The balance of $125,000 working capital will be required as follows:
Upon completion of the exploration program the Company will review the results to determine further development of this property, and if warranted will continue to raise further financing.
About Belmont Resources Inc.
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.