BELMONT CLOSES PORTION OF 4th TRANCHE OF PRIVATE PLACEMENT FOR $86,100
Vancouver, B.C. Canada, March 4, 2016 – Belmont Resources Inc. (“Belmont”, the “Company” or “TSX.V: BEA”). Further the TSX Venture Exchange (the “Exchange”) bulletin of March 3, 2016 the Company has partially closed the 4th tranche of the private placement.
The Company has issued 2,870,000 common shares at $0.03 per share and 2,998,000 warrants for gross proceeds of $86,100. The warrants can be exercised at a price of $0.06 at any time prior to the close of business, on March 3, 2017; and at a price of $0.10 at any time after March 3, 2017 but on or before March 3, 2018. Fifteen placees participated, two being directors/insiders subscribing for 270,000 units. The shares and transferable warrants are subject to a statutory hold period expiring July 4, 2016.
Haywood Securities Inc. will receive a finder’s fee of $3,840.00 and 128,000 warrants that are exercisable into 128,000 common shares at $0.06 in the first year and at $0.10 in the second year.
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 the final portion of this 4th tranche. The final portion of this tranche if approved will result in the issuance of an additional 1,135,000 shares to one placee who will then be a new insider, and the private placement is deemed to be closed.
The use of proceeds of the total 4th tranche ($120,150) is as follows: Professional Fees (legal & accounting) $2,000; Transfer Agent Fees -$1,500; Office rent (net of share costs) -$3,025; Regulatory & Annual Sustaining Fees -$9,000; Consulting Fees - $5,000; Finder’s Fees – $3,825; Office and miscellaneous expenses - $3,400; Property and Maintenance Costs - $50,000; Management and Administration Fees - $17,100; Shareholder Relations/Travel Advertising -$2,500; and Unallocated Working Capital - $22,800.
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.