Amended News Release Belmont Closes $190,501 FT Private Placement
(TheNewswire)
This amended and restated news release reproduces the news release of originally filed on July 22, 2021.
Correction are made to the original news release such as:
-
-closed the private placement and not the first tranche of the private placement
Vancouver, B.C. Canada – TheNewswire - July 30, 2021 - Belmont Resources Ltd. (“Belmont”), (or the “Company”), (TSXV:BEA) (FSE:L3L2) announces that it has closed the private placement announced on July 12, 2021 for aggregate gross proceeds of $190,501.50 (the “FT Financing”). The FT Financing consists of 2,721,450 Units – (the “FT Units”) of the Company at a price of $0.07 per Share.
FT Units:
Subject to approval, the Company will issue 2,721,450 Units. Each FT Unit consists of one common share of the Company (a “Common Share”) and one transferable NFT share purchase warrant (a “Warrant”). Each Warrant entitles the holder to purchase one Common Share at a price of $0.12 for a period of two years from the initial closing date of the financing.
The use of proceeds of the financing will be used to conduct a 3D-IP Survey which will help delineate specific drill targets for an upcoming drill program on the Come By Chance (“CBC”) copper-gold porphyry project. The proceeds may also be used for other exploration as deemed necessary on its properties located in the Greenwood Mining district of southern British Columbia.
View Come By Chance Planned IP Grid: https://bit.ly/2V2A9xB
View Come By Chance Video: https://bit.ly/3liQ0ji
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 and to customary closing conditions including, but not limited to, receipt of applicable regulatory approvals, including approval of the TSX-V.
The Company will be paying finder’s fees (8%) totaling $11, 200.12 in cash and 160,002 brokers warrants to PI Financial Corp.
There are 10 subscribers of which one (1) is an insider (subscribing for 100,000 units-$7,000).
Insider participation in this private placement, constitutes a related party transaction pursuant to TSX.V Policy 5.9 and Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions {"Ml 61-101"). The Company relied on Section 5.S{a) of Ml 61-101 for an exemption from the formal valuation requirement and Section 5.7{l){a) of Ml 61-101 for an exemption from the minority shareholder approval requirement of Ml 61-101 as the fair market value of the transaction did not exceed 25% of the Company's market capitalization.
View Belmont Property Map: https://bit.ly/3eIpcbG
The Company’s project portfolio includes:
– Athelstan-Jackpot, B.C. – *Athelstan & Jackpot Gold mines
– Come By Chance, B.C. – *Betts Copper-Gold mine
– Kibby Basin, Nevada – Lithium
– Lone Star, Washington – *Copper-Gold mine
– Pathfinder, B.C. – *Bertha & Pathfinder Gold–Silver mines
– Crackingstone, Sask – Uranium
* past producing mine
ON BEHALF OF THE BOARD OF DIRECTORS
“George Sookochoff”
George Sookochoff, CEO/President
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. 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.
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