Belmont Amends Terms & Applies FOR Waiver to Private Placement Pricing at $0.04 PER Unit
BELMONT RESOURCES INC.
#600 – 625 Howe Street, Vancouver, B.C. V6C 2T6
Ph: (604) 683-6648 Fax: (604) 683-1350 E-Mail: [email protected]
BELMONT AMENDS TERMS & APPLIES FOR WAIVER TO PRIVATE PLACEMENT
PRICING AT $0.04 PER UNIT
Vancouver, B.C. Canada , February 27 , 2018 – Belmont Resources Inc. (TSX.V: BEA; FSE: L3L1; DTC
Eligible – CUSIP 080499403); (“Belmont”, or the “Company)
As a result of current market conditions, and further to our news release of February 23, 2018 the Company has
amended its terms and 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
policies.
The Company proposes to proceed with a financing of up to $ 100,000 with 2.5 million units to be issued at $ 0.04.
Each unit will comprise o f one common share and one transferable share purchase warrant (a “Warrant”). Each
whole warrant will permit the holder to acquire one additional common share of t he Company at a price of $0.05 for
two years from closing.
In addition to relying upon o ther available prospectus exemptions to effect the private placement, a portion of the
private placement is being completed in accordance with the exemption set out in BC Instrument 45 -536 (Exemption
from prospectus requirement for certain distributions th rough an investment dealer ), (the “ Investment Dealer
Exemption”). The Company also confirms there is no material fact or material change related to the Company
which has not been generally disclosed.
The Company may pay commissions of 8% to eligible part ies in connection with this financing, payable either in
cash and/or in warrants. The Common Shares and Warrants are subject to a statutory hold period and the financing
is subject to Exchange acceptance.
The Company intends to use the net proceeds from the private placement for continued exploration on its 100%
owned Kibby Basin -lithium property, Nevada. Approximately $ 20,000 will be expended on the final report and
analysis of the recently completed AMT/MT resistivity survey; $10,000 on adjoining property staking; $5,000 on
claim maintenance & new drill site permitting; $20,000 on repairs and update to the Mina -Nevada field office/core
storage property acquired in May 2017, including disposing of the former owner’s drill core , plumbing, insurance,
taxes, etc.
The balance of $ 45,000 will maintain existing operating expenses as follows: Regulatory fees - $3,000; Office Rent
& Communication expenses - $4,000; Transfer Agent Fees - $1,000; Legal -$4,000; Partial loan & interes t
repayment -$12,000; Investor & Shareholder Relations including travel & advertising -$15,000; and unallocated
Miscellaneous/Payables - $6,000.
About Belmont Resources Inc.
Belmont is an emerging resource company engaged in the acquisition, exploration and development of mineral properties in Canada and Nevada,
U.S.A.
For further information see our Website at: www.BelmontResources.com
-Facebook https://www.facebook.com/Nevadalithium/
-Twitter https://twitter.com/Belmont_Res
Belmont has recently optioned 31 mineral clai ms encompassing approx. 7 sq.km; located 24 km northwest of Saint John, New Brun swick – the
Mid Corner/Johnson Croft – a Zinc, Cobalt prospect.
On March 30, 2016; the Company acquire d sixteen placer (16 ) mining claims, representing 1036 hectares (2,560 acres) in Esmeralda County,
Nevada, U.S.A. The Kibby Basin property is located 65 km north of Clayton Valley, Nevada-U.S.A. The Company believes the property to be
highly prospective to host lithium. Subsequent ground geophysics & gravity surveys, surface sampling and a two hole - 2046 ft. diamond drill
program have confirmed the presence of lithium on Kibby.
On July 11, 2016; the Company reported it has arranged the staking of 213 x 20 acre additional placer mineral claims totaling approx. 1724
hectares ( 4,260 acres) , adjoining the Kibby 16, increasing the total Kibby Basin l and position (the “Property”) to 2 ,760 hectares (6,820
acres).
In 50/50 ownership with International Montoro Resources Inc., Belmont has acquired and is exploring joint venture opportuni ties for its two
significant uranium properties (Crackingstone -982 ha & Orbit Lake – 11,109 ha) in the Uranium City District in Northern Saskatchewan,
Canada
ON BEHALF OF THE BOARD OF DIRECTORS
“Gary Musil”
Gary Musil,
CFO/Director
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 a nd other risk factors beyond its control. Forward looking
statements in this news release include statements about the possible raising of capital and exploration of our properties. 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 fulfill ed and we may not be able to
organize and carry ou t an exploration program in 2017; 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.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as the term is defined in the policies of the TSX Vent ure Exchange) accepts responsibility
for the adequacy or accuracy of this news release.