BELMONT APPLIES FOR WAIVER TO PRIVATE PLACEMENT PRICING Vancouver, B.C. Canada, October 13, 2015 – Belmont Resources Inc. (“Belmont”, the “Company” or “TSX.V: BEA”). Further to our news releases of October 1, 2015 and as a result of current market conditions, the Company will be making an application to the TSX Venture Exchange (the “Exchange”) for a waiver to the private placement price as the proposed subscription price is below the minimum allowed pursuant to the rules.
The Company proposes to proceed with a working capital financing of up to $390,000 with 13 million units to be issued at $0.03. Each unit will comprise of one share and one share purchase warrant. Each whole warrant will permit the holder to acquire one additional share at a price of $0.06 in the first year and at $0.10 in the second year after 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 Exchange acceptance.
Approximately $150,000 will be expended on exploration and a property payment on the Berthiaume Property in the Abitibi, Quebec region. $115,000 will be allocated to paying trade payables, accrued liabilities, and amounts due to management and administrative related parties. The balance of $125,000 working capital will be required as follows:
Professional fees (legal and accounting) -$15,000; Regulatory fees -$10,000; Office Rent & Communication expenses- $15,000; Transfer Agent fees – $5,000; Shareholder Relations including travel & advertising - $10,000; Management and Administrative fees -$60,000; Miscellaneous expenses - $10,000.
https://www.belmontresources.com/news/15oct13.html