May 7, 2020 – Vancouver, B.C. – Belmont Resources Inc. (TSX-V: BEA), (Frankfurt: L3L2), (the “Company”). Further to the Company’s news releases dated March 31, 2020 and April 28, 2020, and May 5, 2020 the Company announces that it has agreed to an amendment to the broker’s warrants. All other terms and details of the financing remain the same as the May 5, 2020 news release.
A finder’s fee of $1,680 cash and 56,000 warrants is being paid to Haywood Securities Inc. and an additional 80,000 warrants has agreed to be paid/issued to Canaccord Genuity Corp. (“Canaccord”) on the final tranche. Each warrant will permit the holder to acquire one common share of the Company at a p rice of $0.05 for two years from closing.
All securities issued under this private placement, the shares that may be issuable on the exercise of the warrants, and the finder’s warrants are subject to a statutory hold period expiring four months and one day from issuance. The closing of the private placement financing, including the issuance of the securities and the finder’s fees are subject to TSX Venture Exchange approval.
About Belmont Resources Inc.
Belmont Resources Inc. is a Canadian based resource company traded on the TSX-V under the symbol “BEA”. The Company is systematically exploring and acquiring gold properties in Southern British Columbia and Northern Washington State.
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.
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 2020, 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.