Belmont Closes Private Placement FOR $312,200 Financing
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 CLOSES PRIVATE PLACEMENT FOR $312,200 FINANCING
Vancouver, B.C. Canada , December 8, 2017 – Belmont Resources Inc. (TSX.V: BEA; FSE: L3L1; DTC
Eligible – CUSIP 080499403 ); (“Belmont”, or the “Company).
Financing:
Further to our news releases of November 22 & December 1 & 4th, 2017, the Company has completed the $ 312,200
private placement financing.
The Company has issued 10,406,667 units (the “Units”) at a price of $0.03 per Unit for gross proceeds of $312,200.
Each Unit will consist of one common share of the Company and one transferable share purchase warr ant (a
“Warrant”). Each whole Warrant will permit the holder to acquire one additional share of the Company at a price of
$0.05 for one year (up t o December 8, 2018) . Thirty-three (33 ) placees participated including three (3) pros for
920,000 units; and four (4 ) insiders for 1 ,000,000 units. Finder’s fee of $ 10,536 cash is being paid, as well as
261,600 warrants that are exercisable into common shares under the same terms as described above.
The Common Shares and Warrants are subject to a statutory hold period until April 9, 2018.
The Company intends to use the net proceeds from the private placement fo r continued exploration on its 100%
owned Kibby Basin -lithium property, Nevada. Approximately $100,000 will be expended on a planned
electromagnetic resistivity (‘EM’), Vertical Electrical Sounding (VES), and/or Geothermal Probe survey with a view
to pin point the higher aquifer probability targets for the next phase of drilling. $35,000 will be allocated to
repayment of a loan including interest and $65,000 to paying trade payables and accrued liabilities. The balance of
$112,200 working capital will be required as follows:
Professional fees (legal and accounting) - $15,000; Regulatory fees - $5,000; Office Rent & Communication
expenses - $15,000; Transfer Agent Fees - $5,000; Investor & Shareholder Relations including travel & advertising -
$25,000; Management & Administrative fees - $30,000; Finder’s fees & Miscellaneous - $17,200
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
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 land 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 (Crackings tone -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 2016 ; 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 Venture Exchange) accepts responsibility
for the adequacy or accuracy of this news release.