BELMONT CLOSES 3rd TRANCHE OF PRIVATE PLACEMENT FOR $37,500
Vancouver, B.C. Canada, February 25, 2016 – Belmont Resources Inc. (“Belmont”, the “Company” or “TSX.V: BEA”). Further to our news releases of October 13 & November 26, 2015; January 18th & 26th , 2016; the Company has closed the 3rd tranche of the private placement.
The Company has issued 1,250,000 common shares at $0.03 per share and 1,250,000 warrants for gross proceeds of $37,500. Four placees participated, one being a director/insider subscribing for 100,000 units. The shares and transferable warrants are subject to a statutory hold period expiring June 24, 2016.
Further to the January 26, 2016 news release the Company has filed an investors Personal Information (“PIF”)-Form 2A and is still awaiting acceptance from the TSX Venture Exchange (the “Exchange”), prior to closing a 4th tranche. The 4th tranche if approved will result in the issuance of 1,135,000 shares to this one placee who will then be a new insider; as well as further subscriptions that are currently being received. The Company has requested an extension from the Exchange to proceed with acceptance of these additional subscriptions and filing with the 4th tranche up to the approval date of the investors PIF, at which time the private placement will be deemed closed.
The use of proceeds of the 3rd tranche is for Professional Fees (legal & accounting) $8,700; Transfer Agent Fees -$2,500; Office rent (net of share costs) -$6,000; Regulatory Fees -$4,350; Consulting Fees - $2,500; Office and miscellaneous expenses - $4,300; and Working Capital - $9,150.
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.