Belmont Arranges Private Placement to Raise CDN$500,000
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jun 22, 2015) - Belmont Resources Inc. ("Belmont", the "Company") (TSX VENTURE:BEA) is pleased to announce it is arranging a non-brokered private placement to raise up to $500,000.
The Company will be issuing 10.0 million units at $0.05. Each unit will consist of one common share and one two year transferable share purchase 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 $0.10 in the second year.
The Company has agreed to grant a right of first refusal to a group to participate in any future financings for 12 months.
The Company will pay a finder's fee of up to 8% in cash or warrants. The financing will be subject to TSX Venture Exchange acceptance.
The financing is required for further exploration of its mineral properties and working capital.
About Belmont Resources Inc.
Belmont is an emerging resource company engaged in the acquisition, exploration and development of mineral properties in Canada.
In March 2015, the Company entered into a Letter of Intent to acquire 51% ownership in 32 mineral claims (1,696 ha) known as the "KM 140 Property", in the James Bay Region of Quebec. The Company is completing due diligence on these claims and hoping to secure financing prior to signing a final option agreement for this property.
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.
The Company has a 100% interest in 3,040 ha. (23 contiguous mineral claims), known as the Lumby/Bufo property located approximately 35 km. northeast of the town of Atikokan. The property adjoins the "Hammond Reef" gold deposit, belonging to Osisko Mining Corp. (former Brett Resources Inc.), along strike to the north-northeast.
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.