Vancouver, B.C. Canada, December 8, 2017 â€“ Belmont Resources Inc. (TSX.V: BEA; FSE: L3L1; DTC Eligible â€“ CUSIP 080499403); (“Belmont”, or the “Company”).
Further to our news releases of November 22 & December 1 & 4th, 2017, the Company has completed the $312,200 private placement financing.
The Company has issued 10,406,667 units (the “Units”) at a price of $0.03 per Unit for gross proceeds of $312,200. 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 $0.05 for one year (up to December 8, 2018). Thirty-three (33) placees participated including three (3) pros for 920,000 units; and four (4) insiders for 1,000,000 units. Finder’s fee of $10,536 cash is being paid, as well as 261,600 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 April 9, 2018.
The Company intends to use the net proceeds from the private placement for continued exploration on its 100% owned Kibby Basin-lithium property, Nevada. Approximately $100,000 will be expended on a planned electromagnetic resistivity (‘EM’), Vertical Electrical Sounding (VES), and/or Geothermal Probe survey with a view to pin point the higher aquifer probability targets for the next phase of drilling. $35,000 will be allocated to repayment of a loan including interest and $65,000 to paying trade payables and accrued liabilities. The balance of $112,200 working capital will be required as follows:
Professional fees (legal and accounting) - $15,000; Regulatory fees - $5,000; Office Rent & Communication expenses - $15,000; Transfer Agent Fees - $5,000; Investor & Shareholder Relations including travel & advertising -$25,000; Management & Administrative fees - $30,000; Finder’s fees & Miscellaneous - $17,200
About Belmont Resources Inc.
Belmont is an emerging resource company engaged in the acquisition, exploration and development of mineral properties in Canada and Nevada, U.S.A.
On March 30, 2016; the Company acquired sixteen placer (16) mining claims, representing 1036 hectares (2,560 acres) in Esmeralda County, Nevada, U.S.A. The Kibby Basin property is located 65 km north of Clayton Valley, Nevada-U.S.A. The Company believes the property to be highly prospective to host lithium.
On July 11, 2016; the Company reported it has arranged the staking of 213 x 20 acre additional placer mineral claims totaling approx. 1724 hectares (4,260 acres), adjoining the Kibby 16, increasing the total Kibby Basin land position (the “Property”) to 2760 hectares (6,820 acres).
In 50/50 ownership with International Montoro Resources Inc., Belmont has acquired and is exploring joint venture opportunities for its two significant uranium properties (Crackingstone -982 ha & Orbit Lake - 11,109 ha) in the Uranium City District in Northern Saskatchewan, Canada.
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.
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.