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Belmont Resources Inc V.BEA

Alternate Symbol(s):  BELMF

Belmont Resources Inc. is a Canada-based company. The Company is engaged in operating a portfolio of highly prospective copper, gold, lithium, uranium and rare earths projects located in British Columbia, Saskatchewan, Washington and Nevada States. Its holdings include Athelstan-Jackpot (A-J), Crackingstone Uranium, Come By Chance (CBC), Lone Star Copper-Gold, and Kibby Basin Lithium. The A-J is the Company’s two former gold mines. Athelstan gold mine area drilling indicates a peripheral alteration zone to a potential deep-seated copper-gold porphyry. The Crackingstone Uranium is a high-grade uranium property situated in the prolific Beaverlodge Uranium District of the Athabasca basin. The Project covers four kilometers of the Black Bay Shear Zone, a northeast trending magnetic low corridor which hosts four past producing mines. CBC offers a potential large copper-gold porphyry. The Kibby Basin Lithium project is located 60 kilometers north of the lithium-rich Clayton Valley Basin.


TSXV:BEA - Post by User

Bullboard Posts
Post by whinnyon Nov 20, 2015 11:14am
88 Views
Post# 24309243

BELMONT APPLIES FOR WAIVER TO PRIVATE PLACEMENT PRICING

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

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