Belmont Applies FOR Waiver to Private Placement Pricing at $0.045 PER Unit & Continues Kibby Drilling
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 APPLIES FOR WAIVER TO PRIVATE PLACEMENT PRICING AT $0.045 PER
UNIT & CONTINUES KIBBY DRILLING
Vancouver, B.C. Canada , January 25 , 2019 ; (“Belmont Resources Inc. (“Belmont” or the
“Company”) (TSX.V:BEA; FSE: L3L1; DTC Eligible – CUSIP 080499403).
Private Placement Financing:
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 all owed pursuant
to the policies.
The Company proposes to proceed with a financing of up to $ 180,000 with 4.0 million units to be issued
at $0.045. Each unit will be comprised of 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 the
Company at a price of $0.05 for one year from closing.
In addition to relying upon other 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 through 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 parties 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
Kibby Basin-lithium property, Nevada. Approximately $ 100,000 will be expended on continued drilling
of hole KB -4 (ie. drilling, assaying, geological consulting, downhole geophysics); Kibby Basin MT
survey analysis, water permit application consulting and fees; and planning for additional infill drilling in
the area. The balance of $80,000 working capital will be required as follows:
Regulatory fees - $5,000; Office Rent & Communication expenses - $12,000; Transfer Agent Fees -
$3,000; Investor & Shareholder Relations including tra vel & advertising -$20,000; Professional Fees
(Legal, Accounting & Year -End Audit) $22,000; Management Fees - $10,000; Finders
Fees/Commissions $5,000; Unallocated $3,000.
Kibby Basin Drilling
Harris Drilling of San Diego, California is expecting to recommence drilling KB -4 in the Kibby Basin
during the next week.
Soil and water samples will be taken from drill cuttings and from any significant water bearing layers and
sent to ALS Canada Ltd. as previ ously tested. A compilation of the results of the drilling will be
announced upon completion of the hole.
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 owns the Kibby Basin Lithium project covering 2,056 hectares (5,080 acres) in Esmeralda
County, Nevada, U.S.A. The Kibby Basin property is located 65 km north of Clayton Valley, Nevada the
location of the only US Lithium producer. MGX Minerals Inc. (CSE: XMG) has currently earned a 25%
interest in the Kibby project and has the right to increase this to 50% by expending an additional
$300,000 on exploration and become the operator.
In 50/50 ownership with International Montoro Resources Inc., Belmont has acquired and is exploring
joint venture opportunities for its significant uranium properties (Crackingstone -982 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 for ward-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 an d we may
not be able to organize and carry out an exploration program in 201 9, 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 a s 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 Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.