Belmont Proceeds With 2nd Tranche of Private Placement
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jul 22, 2015) - Belmont Resources Inc. ("Belmont", the "Company") (TSX VENTURE:BEA)(OTC PINK:BEAAF)(FRANKFURT:L3L). Further to our news releases of June 22 & July 9, 2015, whereby the Company announced it was arranging a non-brokered private placement of 10,000,000 units at $0.05 per unit; and closed the first tranche of 1,900,000 units.
The Company is continuing to receive subscriptions and will be proceeding with a second tranche of up to 8,100,000 units required for exploration of its mineral properties and working capital. Each unit consists of one common share at a price of $0.05 and one two year transferable share purchase warrant ("Warrant"). Each full Warrant will entitle the holder to purchase one additional common share of the Company for a period of two years at a price of $0.08 in the first year and at $0.10 in the second year from closing.
The Company will pay a finder's fee of up to 8% in cash or warrants. The Common Shares and Warrants are subject to a statutory hold period and the financing is subject to TSX Venture Exchange acceptance.
About Belmont Resources Inc.
Belmont is an emerging resource company engaged in the acquisition, exploration and development of mineral properties in Canada.
In June 2012, the Company entered into a property option agreement to acquire four groups of mineral (51) claims, representing 2,254.27 hectares in the Berthiaume, Orvilliers and Joutel Townships, all located within the Abitibi Harricana-Turgeon volcanic greenstone of Northwestern, Quebec. This belt hosts several world- class deposits that have produced both gold and base metals.
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.
Further information can be found on the Company's website at www.BelmontResources.com and on www.Sedar.com.
ON BEHALF OF THE BOARD OF DIRECTORS
Gary Musil, CFO/Director
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. 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.
