BELMONT CLOSES FINAL TRANCHE OF PRIVATE PLACEMENT FOR $34,050
Vancouver, B.C. Canada, April 19, 2016 – Belmont Resources Inc. (“Belmont”, the “Company” or “TSX.V: BEA”). Further to the TSX Venture Exchange (the “Exchange”) notice, the Company has closed the 5th tranche and final tranche of the October 13, 2015 announced private placement.
The Company has issued 1,135,000 common shares at $0.03 per share and 1,135,000 warrants for gross proceeds of $34,050. The warrants can be exercised at a price of $0.06 at any time prior to the close of business, on April 19, 2017; and at a price of $0.10 at any time after April 19, 2017 but on or before April 19, 2018. One placee participated. The shares and transferable warrants are subject to a statutory hold period expiring August 20, 2016.
Queenston Investments Ltd. will receive a finder’s fee of 90,800 common shares. The common shares are also subject to a similar hold period expiring August 20, 2016.
Further to our January 26, 2016 news release, the Company has also been informed that the Compliance and Disclosure Department have completed the review of the related investors Personal Information (“PIF”)-Form 2A which allowed the Company to proceed with this final closing.
The use of proceeds of this 5th tranche ($34,050) is as follows: Professional Fees (legal & accounting) $3,000; Transfer Agent Fees -$1,275; Office Rent & Expenses (net of share costs) -$4,525; Regulatory Fees (Current p.p. fees, I/R agreement filing fees, and Property Acquisition filing) -$4,600; Property payments - $5,000; Management and Administration Fees - $5,000; Shareholder Relations-I/R -$2,500; Geological Consulting -$6,600 ($5,000 USD advance re NI 43-101); and Unallocated Working Capital - $1,550.
About Belmont Resources Inc.
Belmont is an emerging resource company engaged in the acquisition, exploration and development of mineral properties in Canada and Nevada, U.S.A.
On March 30, 2016; the Company entered into a property acquisition agreement to acquire sixteen placer (16) mining claims, representing 1036 hectares (2,560 acres) in Esmeralda County, Nevada, U.S.A. The Kibby Basin property is located 65 km north of Clayton Valley, Nevada. The Company believes the property to be highly prospective to host lithium. The agreement is subject to acceptance by the TSX Venture Exchange.
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.