(TheNewswire)
March 18, 2022 – TheNewswire - Vancouver, B.C., Canada, - Belmont Resources Ltd. (“Belmont” or the “Company”) ( TSXV:BEA ) ; ( FSE:L3L2 ) announcesthat it has received regulatory approval to close its privateplacement of $522,900 through the issuance of 7,470,000 Units (the“Units”) at $0.07. Each Unit consists of one common share of theCompany and one warrant exerciseable at $0.10 in the first year and$0.15 in the second year (the “Warrants”). The Warrants aresubject to an accelerated expiry date which comes into effect at suchtime as the trading price of the Company’s shares closes at or above$0.25 per share for 10 consecutive trading days. The Company mayaccelerate the expiry date of the Warrants by disseminating a pressrelease and providing the Warrant holders with notice that suchWarrants will expire on the 30th day thereafter.
The securities have been issued with a hold periodexpiring July 19, 2022.
The Company intends to use the proceeds of thefinancing for a drill program on its CBC copper/gold project,anticipated April 2022 along with exploration on its Greenwood goldcamp projects and for working capital. While the Company intends tospend the proceeds from the financing as stated above, there may becircumstances where, for sound business reasons, funds may bereallocated at the discretion of the Board.
An insider of the Company participated as to 170,000units ($11,900). As such, this participation constitutes a“related party transaction” as defined under MultilateralInstrument 61-101 Protectionof Minority Security Holders in Special Transactions (“MI 61-101”). Such participation is exempt from theformal valuation and minority shareholder approval requirements of MI61-101 as neither the fair market value of the FT Units acquired bythe insiders nor the consideration for the Units paid by suchinsiders, exceed 25% of the Company’s market capitalization.
A finder’s fee of $3,360 cash and the issuance of48,000 warrants was paid/issued to PI Financial Corp. of 1900, 666Burrard Street, Vancouver, BC, V6C 3N1.
ON BEHALF OF THE BOARD OF DIRECTORS
“GeorgeSookochoff”
George Sookochoff, CEO/President
Neither the TSX Venture Exchange nor its RegulationServices Provider (as the term is defined in the policies of the TSXVenture Exchange) accepts responsibility for the adequacy or accuracyof this news release.
This Press Release may contain forward-lookingstatements that may involve a number of risks and uncertainties, basedon assumptions and judgments of management regarding future events orresults that may prove to be inaccurate as a result of exploration andother risk factors beyond its control. Actual events or resultscould differ materially from the Companies forward-looking statementsand expectations. Theserisks and uncertainties include, among other things, that we may notbe able to obtain regulatory approval; that we may not be able toraise funds required, that conditions to closing may not be fulfilledand we may not be able to organize and carry out an explorationprogram in 2022, and other risks associated with being a mineralexploration and development company. Theseforward-looking statements are made as of the date of this newsrelease and, except as required by applicable laws, the Companyassumes no obligation to update these forward-looking statements, orto update the reasons why actual results differed from those projectedin the forward-looking statements.
Copyright (c) 2022 TheNewswire - All rights reserved.