BELMONT CLOSES 2ND & FINAL TRANCHE OF PRIVATE PLACEMENT FOR $137,500
Vancouver, B.C. Canada, June 2, 2016 - Belmont Resources Inc. (TSX.V: BEA; FSE: L3L1; OTC: BEAAF.PK) (“Belmont”, or the “Company”). Further to our news release of March 30, 2016 and May 30, 2016, the Company has closed the second and final tranche of the private placement.
The Company will be issuing 2,750,000 units (the “Units” at a price of $0.05 per Unit for gross proceeds of $137,500. Each Unit will consist of one common share of the Company and one transferable share purchase warrant (a “Warrant”). Each whole warrant will permit the holder to acquire one additional share of the Company at a price of $0.10 in the first year and at $0.15 in the second year on or before June 2, 2018. One (1) pro group placee participated for a total of 250,000 units.
The Company is paying finder’s fee in cash of $7,500 to Greg Shafransky; Haywood Securities Inc. will receive a finder’s fee of $1,500 cash and 30,000 warrants; and PI Financial Corp. will receive a finder’s fee of $1,250 cash and 25,000 warrants that are exercisable into common shares under the same terms as described above.
The Common Shares and Warrants are subject to a statutory hold period until October 3, 2016.
The Company completed a total of 6,650,000 units at $0.05 per Unit in the two tranches for total gross proceeds of $332,500.
The Company intends to use the net proceeds from the Private Placement for exploration on the Kibby Basin Property as recently described in the NI 43-101 Report and general working capital.
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.
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