BELMONT RECEIVES EXTENSION TO CLOSING OF PRIVATE PLACEMENT
Vancouver, B.C. Canada, May 10, 2016 - Belmont Resources Inc. (TSX.V: BEA; FSE: L3L1; OTC: BEAAF.PK) ("Belmont", or the "Company"). Further to our news release of March 30, 2016 and the TSX Venture Exchange bulletin of April 28, 2016 the Company has received an extension to the deadline to file final documentation in connection with the final tranche of the private placement to May 31, 2016.
The Company announced that it has arranged a non-brokered private placement of up to 7 million units (the "Units") at a price of $0.05 per Unit to raise gross proceeds of up to $350,000. Each Unit will consist of one common share of the Company and one transferable share purchase warrant (a "Warrant"). Each whole warrant will permit the holder to acquire one additional share of the Company at a price of $0.10 in the first year and at $0.15 in the second year after closing.
On April 28, 2016 the Company issued 3.9 million Units at a price of $0.05 per Unit for gross proceeds of $195,000 in the first tranche. The Company paid finder's fee in cash of $9,500 and 150,000 warrants that are exercisable into common shares under the same terms as described above. The Common Shares and Warrants are subject to a statutory hold period until August 29, 2016.
The Company is continuing to receive subscriptions for the 2nd tranche of the private placement.
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 2016; 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.
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