BELMONT ADDS ADDITIONAL EXEMPTION TO PRIVATE PLACEMENT SUBSCRIPTIONS
Vancouver, B.C. Canada, May 18, 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 May 10, 2016 the Company has included an additional exemption to the private placement subscription agreement.
In addition to relying upon other available prospectus exemptions to effect the private placement, a portion of the non-brokered private placement is being completed in accordance with the exemption set out in BC Instrument 45-536 (Exemption from prospectus requirement for certain distributions through an investment dealer), (the “Investment Dealer Exemption”). In accordance with the requirements of the Investment Dealer Exemption, the Company confirms there is no material fact or material change related to the Company which has not been generally disclosed.
The working capital use of proceeds comprise the following (maximum/minimum for the next six months of estimated operating expenditures): Legal and audit $15,000/$10,000; Rent, Office & Miscellaneous $15,500/$11,000; Regulatory Fees $5,000/$2,000; Salaries & Admin. $60,000/ $15,000; Transfer Agent Fees $3,500/$1,500; Travel & Promotion $15,000/$10,000.
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.
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.