Belmont closes $117,040 final tranche of financing Belmont closes $117,040 final tranche of financing
2021-02-10 20:47 ET - News Release
Mr. George Sookochoff reports
BELMONT CLOSES 2ND AND FINAL TRANCHE TO RAISE $117,040
Belmont Resources Ltd. has received acceptance for filing documentation and has closed the second and final tranche of the private placement as previously announced on Dec. 15, 2020, and Feb. 8, 2021.
The company has issued to nine placees a total of 1,672,000 units at seven cents for gross proceeds of $117,040. Each unit consists of one common share of the company and one transferable share purchase warrant. Each warrant entitles the holder to purchase one common share at a price of 10 cents for a period of two years.
The units (shares and warrants will have a hold period of four months one day expiring June 11, 2021.
The use of proceeds will be used for general corporate and working capital purposes.
Acceleration clause on warrants
The warrants are subject to an accelerated expiry date, which comes into effect when the trading price on the TSX Venture Exchange of the company's common shares closes at or above 15 cents per share for 10 consecutive trading day commencing June 11, 2021. In such event, the company may accelerate the expiry date of the warrants by disseminating a press release, providing the warrant holders with an acceleration notice and in such case the warrants will expire on the 30th day after the date on which such press release is disseminated.
About the company
The company's Greenwood mining camp project portfolio includes:
- Athelstan and Jackpot gold mines (Athelstan-Jackpot property -- 100 per cent);
- Bertha and Pathfinder gold-silver mines (Pathfinder property -- 100 per cent);
- Betts copper-gold mine (Come By Chance property -- 100 per cent);
- Lone Star copper-gold mine (Lone Star property -- letter of intent);
We seek Safe Harbor.
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