Belmont Resources Inc. (“BEA”) (the “Company”) has closed the first and second tranches of the private placement as per the TSX Venture Exchange (the “Exchange”) bulletins dated September 20th and October 18th, 2010.
The Company has issued 1,900,000 units at a price of $0.05 per unit for gross proceeds of $95,000. The units consist of one share and one share purchase warrant exercisable at $0.10 per share until September 20, 2011 and $0.15 per share after September 20, 2011 until September 20, 2012. The shares and warrants are subject to a four-month hold period expiring January 21, 2011. Eleven placees participated.
The Company issued an additional 2,100,000 units at a price of $0.05 per unit for gross proceeds of $105,000. The units consist of one share and one share purchase warrant exercisable at $0.10 per share until October 18, 2011 and $0.15 per share after October 18, 2011 until October 18, 2012. The shares and warrants are subject to a four-month hold period expiring February 19, 2011. Seven placees participated, including one insider. A finder’s fee of $1,600 was paid.
The Company expects to close the 3rd tranche of 2,000,000 units soon.
The Company intends to utilize the proceeds of the private placement for further property acquisitions and general working capital.
About Belmont Resources Inc.
Belmont has recently entered into an option to acquire 100% interest in 2144 ha. (16 contiguous mineral claims), known as the Lumby/Bufo property located approximately 35 km. northeast of the town of Atikokan and adjoining on strike to the north-northeast with the Osisko Mining Corp. (former Brett Resources Inc.) “Hammond Reef” deposit.
Belmont Resources Inc. has previously 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 one rare earth mineral and one uranium claim block in the Central Mineral Belt in Labrador.
Further information can be obtained from the Company website at www.BelmontResources.com and www.sedar.com, or by phoning 604-683-6648.
ON BEHALF OF THE BOARD OF DIRECTORS OF
BELMONT RESOURCES INC.
Gary Musil, CFO/Director
The statements used in this Press Release may contain forward-looking statements that may involve a number of risks and uncertainties. Actual events or results could differ materially from the Companies forward-looking statements and expectations.
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