Belmont Resources Inc. (“BEA”) (the “Company”) has closed the second tranche of the private placement as per the TSX Venture Exchange (the “Exchange”) bulletin dated July 23, 2009 and amends the first tranche issuance.
The Company has issued an additional 600,000 units at a price of $0.02 per unit for gross proceeds of $12,000. The units consist of one share and one share purchase warrant exercisable at $0.05 per share until July 23, 2010 and $0.10 per share after July 23, 2010 until July 23, 2011. The shares and warrants are subject to a four-month hold period expiring November 24, 2009.
Further to the Company news release dated May 7, 2009 the Company is amending the first tranche share issuance to 4.5 million units and gross proceeds of $90,000 to a total of 10 placees, reduced from 5.7 million units. The total number of shares issued in the two tranches totals 5.1 million. The private placement is still open for a third tranche of subscriptions for an additional 2.9 million units.
The Company intends to utilize the proceeds of the private placement for maintenance of its Uranium City area –Saskatchewan properties, and general working capital.
About Belmont Resources Inc.
Belmont Resources Inc. is focused on acquiring and developing uranium properties in developed and emerging uranium districts. Belmont (50/50) with International Montoro Resources Inc. has acquired two significant uranium properties (Crackingstone –982 ha & Orbit Lake –11,109 ha) in the Uranium City District in Northern Saskatchewan. The Company also holds interests (50/50 with Int. Montoro) in two uranium claim blocks in the Central Mineral Belt in Labrador. Other properties: Holds interests (50/50 with Int. Montoro) in three claim blocks in the Red Lake, Ontario gold camp and a 12.5% interest in a West Voisey’s Bay, Labrador joint venture –112.75 sq.km nickel/copper/cobalt property.
Further information can be obtained from the Company website at www.BelmontResources.com
and www.sedar.com, or by phoning 604-683-6648 or contact Dean Stuart at 403-517-2270.
ON BEHALF OF THE BOARD OF DIRECTORS
“GARY MUSIL”
Gary Musil,
CFO/Director
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.