Belmont Resources Inc. Applies to Close The 1st Tranche of $67,500 Financing
Private Placement Financing:
Further to the Company's press release dated January 25, 2019; the Company advises that it has applied to the TSX Venture Exchange to close the 1st Tranche of 1,500,000 units (the "Units") at a price of $0.045 per Unit for gross proceeds of $67,500. Each unit consists 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 common share of the Company at a price of $0.05 for one year from closing. Three (3) placees participated, including one (1) insider for 100,000 units.
The issuance of the Common Shares and Warrants are subject to TSX Venture Exchange approval; and will be have a hold period expiring June 15, 2019. No finder's fees will be paid.
The Company intends to use the proceeds from the private placement for additional Kibby Basin expenditures, regulatory fees $1,800 and working capital prorated from details in the January 25, 2019 news.
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.
For further information see our Website at: www.BelmontResources.com
Belmont owns the Kibby Basin Lithium project covering 2,056 hectares (5,080 acres) in Esmeralda County, Nevada, U.S.A. The Kibby Basin property is located 65 km north of Clayton Valley, Nevada the location of the only US Lithium producer. MGX Minerals Inc. (CSE: XMG) has currently earned a 25% interest in the Kibby project and has the right to increase this to 50% by expending an additional $300,000 on exploration and become the operator.
In 50/50 ownership with International Montoro Resources Inc., Belmont has acquired and is exploring joint venture opportunities for its significant uranium properties (Crackingstone -982 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 2019, 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.
SOURCE: Belmont Resources Inc.