Belmont Resources Inc. Arranges $25,000 Private Placement & Amends Property Purchase Agreement
FinancingVANCOUVER, June 17, 2020 - Belmont Resources Inc. (TSXV:BEA)(Frankfurt:L3L2), (the "Company") proposes to proceed with a non brokered private placement (the "Financing") of up to $25,000 with 500,000 units to be issued at $0.05. Each unit will comprise of one common share and one transferable share purchase warrant (a "Warrant"). Each whole warrant will permit the holder to acquire one additional common share of the Company at a price of $0.08 for one year from closing. The term of the warrants may be accelerated in the event that the issuer's shares trade at or above a price of $0.15 per share for a period of 10 consecutive days. In such case of accelerated warrants, the issuer may give notice, in writing or by way of news release, to the subscribers that the warrants will expire 30 days from the date of providing such notice. The proceeds of the Financing will be used for general working capital.
All securities issued under this private placement, and the shares that may be issuable on the exercise of the warrants, are subject to a statutory hold period expiring four months and one day from issuance. The closing of the Private Placement Financing, including the issuance of the securities are subject to TSX Venture Exchange (the "Exchange") approval.
Property Purchase Amendment:
Further to our news release of November 21, 2019 and Exchange acceptance for filing dated December 2, 2019 regarding the acquisition of the Pride of the West Claim from Laurence Sookochoff. The parties have agreed to amend the terms of the cash payment of $25,000. The vendor has agreed to accept 500,000 shares at a deemed price of $0.05 in lieu of the cash payment. The amended terms and shares that may be issuable are subject to a statutory hold period expiring four months and one day from issuance, and are subject to Exchange approval.
All other terms of the Property Acquisition Agreement remain the same.
About Belmont Resources Inc.
Belmont Resources Inc. is a Canadian based resource company traded on the TSX-V under the symbol "BEA". The Company is systematically exploring and acquiring gold properties in Southern British Columbia and Northern Washington State.
ON BEHALF OF THE BOARD OF DIRECTORS
"George Sookochoff"
George Sookochoff, CEO/President
Ph: 604-683-6648
Email: george@belmontresources.com
Website: www.BelmontResources.com
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.
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 2020, 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.
SOURCE: Belmont Resources Inc.