August 4, 2008
BELMONT REDUCES EXERCISE PRICE OF WARRANTS
Belmont Resources Inc. (TSX.V- BEA), “Belmont” or the “Company”
has agreed to reduce the exercise price of 9,120,000 share purchase warrants
issued as part of two separate unit private placements completed as follows:
- 6,800,000 completed December 18, 2006 from $0.175 in the first year of
the warrant and increasing to $0.25 per share in the second year of the warrants
reducing to $0.175 for the remaining term of the warrant to December 18, 2008,
subject to an accelerated exercise period, and regulatory approval. 170,000
warrants were exercised at $0.175 in the first year of the warrant and 6,630,000
remain unexercised.
- 2,490,000 completed April 23, 2007 from $0.40 in the first year of the
warrant and increasing to $0.60 in the second year of the warrant reducing
to $0.30 for the remaining term of the warrant to April 23, 2009, subject
to an accelerated exercise period, and regulatory approval.
In accordance with TSX Venture Exchange policy, the expiry date of the warrants
will be accelerated to shorten the exercise period to a period of 30 days, if
for 10 consecutive trading days, the closing price of Belmont’s common
shares exceeded:
- the revised exercise price of $0.175 for those warrants expiring December
18, 2008. The 30-day exercise period will commence seven calendar days after
the 10th premium trading day. In the event the expiry date is not accelerated,
the warrants will expire on the original expiry date of December 18, 2008;
and
- the revised exercise price of $0.30 for those warrants expiring April 23,
2009. The 30-day exercise period will commence seven calendar days after the
10th premium trading day. In the event the expiry date is not accelerated,
the warrants will expire on the original expiry date of April 23, 2009.
The Exchange disallows the amendment of warrants issued as finder’s fees.
ON BEHALF OF THE BOARD OF DIRECTORS
“GARY MUSIL”
Gary Musil,
CFO/Director
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY
FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.