Belmont Receives Oversubscriptions to the Private Placement BY a Further $9,600.
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 RECEIVES OVERSUBSCRIPTIONS TO THE PRIVATE PLACEMENT BY A
FURTHER $9,600.
Vancouver, B.C. Canada , December 1, 2017 – Belmont Resources Inc. (TSX.V: BEA; FSE: L3L1; DTC
Eligible – CUSIP 080499403); (“Belmont”, or the “Company)
Further to the Company ’s news release of November 22, 2017, the Company has received the discretionary waiver
and conditional acceptance from the TSX Venture Exchange (the “Exchange”) for up to 10,000,000 shares at a price
of $0.03 per share with 10,00 0,000 warrants attached to purchase 10,000,000 shares at a price of $0.05 per share for
a one year period from closing.
The Company has received oversubscriptions of 320,000 units - $9,600., and has closed receipt of subscriptions
today. The issuance of securities is subject to final review and acceptance by the Exchange.
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 f act or material change related to the Company
which has not been generally disclosed.
The additional $9,600 in funds to be received will be added to working capital as will be required.
The Company intends to use the net proceeds from the private placement for continued exploration on its 100%
owned Kibby Basin -lithium property, Nevada. Approximat ely $100,000 will be expended on a planned
electromagnetic resistivity (‘EM’), Vertical Electrical Sounding (VES), a nd/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
$109,600 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 - $14,600
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 Venture Exchange) accepts responsibility
for the adequacy or accuracy of this news release.