BELMONT RECEIVES OVERSUBSCRIPTIONS TO THE PRIVATE PLACEMENT BY A FURTHER $9,600
Vancouver, B.C. Canada, December 1, 2017 - Belmont Resources Inc. (TSX.V: BEA; FSE: L3L1; DTC Eligible - CUSIP 080499403); (“Belmont”, or the “Company”)
Further to the Company’s news release of November 22, 2017, the Company has received the discretionary waiver and conditional acceptance from the TSX Venture Exchange (the “Exchange”) for up to 10,000,000 shares at a price of $0.03 per share with 10,000,000 warrants attached to purchase 10,000,000 shares at a price of $0.05 per share for a one year period from closing.
The Company has received oversubscriptions of 320,000 units - $9,600., and has closed receipt of subscriptions today. The issuance of securities is subject to final review and acceptance by the Exchange.
In addition to relying upon other available prospectus exemptions to effect the private placement, a portion of the 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”). The Company also confirms there is no material fact or material change related to the Company which has not been generally disclosed.
The additional $9,600 in funds to be received will be added to working capital as will be required.
The Company intends to use the net proceeds from the private placement for continued exploration on its 100% owned Kibby Basin-lithium property, Nevada. Approximately $100,000 will be expended on a planned electromagnetic resistivity (‘EM’), Vertical Electrical Sounding (VES), and/or Geothermal Probe survey with a view to pin point the higher aquifer probability targets for the next phase of drilling. $35,000 will be allocated to repayment of a loan including interest and $65,000 to paying trade payables and accrued liabilities. The balance of $109,600 working capital will be required as follows:
Professional fees (legal and accounting) - $15,000; Regulatory fees - $5,000; Office Rent & Communication expenses - $15,000; Transfer Agent Fees - $5,000; Investor & Shareholder Relations including travel & advertising -$25,000; Management & Administrative fees - $30,000; Finder’s fees & Miscellaneous - $14,600.
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.