February 8, 2021 -Vancouver, B.C. Canada; Belmont Resources Ltd. (“Belmont” or the “Company”), (TSX.V: BEA; FSE: L3L2) announces that it will apply to the TSX to close its previously announced private placement (oversubscribed) as to 2,922,000 Units at $0.07 or $204,540. Each Unit consists of one common share of the Company and one transferable share purchase warrant (“Warrant”). Each Warrant entitles the holder to purchase one common share at a price of $0.10 for a period of two years.
The Company closed its 1st tranche on January 6, 2021 as to 1,250,000 units or $87,500.
The use of proceeds will be used for general corporate and working capital purposes.
Acceleration Clause on Warrants:
The Warrants are subject to an accelerated expiry date, which comes into effect when the trading price on the TSX Venture Exchange of the Company’s common shares closes at or above $0.15 per share for 10 consecutive trading day commencing four months plus one day after the closing. (date of share/warrant issuance). In such event, the Company may accelerate the expiry date of the Warrants by disseminating a press release, providing the Warrant holders with an acceleration notice (the “Notice”) and in such case the Warrants will expire on the 30th day after the date on which such press release is disseminated.
All securities issued under this private placement, and the shares that may be issuable on the exercise of the warrants, are subject to a statutory hold period expiring four-months and one day from issuance and to customary closing conditions including, but not limited to, receipt of applicable regulatory approvals, including approval of the TSX-V.
About Belmont Resources Inc.
Belmont Resources is engaged in the business of acquiring past producing gold-copper mines located in the highly prospective Greenwood-Republic mining camps. By utilizing new exploration technology and geological modelling the company is identifying possible sources of gold-copper mineralization beneath the relatively shallow past producing mines.
The Belmont project portfolio includes:
– Athelstan-Jackpot, B.C. – 100%, Athelstan & Jackpot Gold mines
– Pathfinder, B.C. – 100%, Bertha & Pathfinder Gold-Silver mines
– Come By Chance, B.C. – 100%, Betts Copper-Gold mine
– Lone Star, Wash. – LOI, Lone Star Copper-Gold mine
– Kibby Basin, Nevada – 100%, Lithium
– Crackingstone, Sask – 50%, Uranium
ON BEHALF OF THE BOARD OF DIRECTORS
George Sookochoff, CEO/President
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.