Belmont Resources Applies FOR Waiver to Private Placement Pricing at $0.03 PER Unit
Contact: George Sookochoff, President & CEO
Email: [email protected]
Suite 600 - 625 Howe Street,
Vancouver, B.C. V6C 2T6
Ph: 604-683-6648
BEA TSX.V
BELMONT RESOURCES APPLIES FOR WAIVER TO PRIVATE
PLACEMENT PRICING AT $0.03 PER UNIT
March 31, 2020 - Vancouver, B.C. – Belmont Resources Inc. (TSX-V: BEA), (Frankfurt:
L3L2), (the “Company”). As a result of current market conditions the Company is making an
application to the TSX Venture Exchange (the “Exchange”) for a waiver to a private placement
price as the proposed subscription price is below the minimum allowed, pursuant to the policies.
The Company proposes to proceed with a non brokered private placement (the “Financing”) of up
to $180,000 with 6.0 million units to be issued at $0.03. Each unit will comprise 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 two
years from closing.
In addition to relying upon other available prospectus exe mptions to effect the Financing, a
portion of the private placement may be 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 general ly
disclosed.
The Company may pay commissions of 8% to eligible p arties in connection with this F inancing,
payable either in cash and/or in warrants.
The Company intends to use the net proceeds from the Financing for continued exploration on its
existing properties in the Greenwood Gold Camp. This
will account for approximately $50,000.
The balance of $130,000 will maintain existing
operating expenses as follows: Regulatory Fees -
$10,000; Office Rent & Communication expenses -
$25,000; Transfer Agent Fees -5,000; Legal &
Accounting - $15,000; Partial loan interest payments -
$10,000; Investor & Shareh older Relations including
travel & advertising - $10,000; Management Fees -
$15,000; Outstanding Payables & Unallocated
Working Capital -$40,000.
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While the Company inten ds to spend the net proceeds from the Financing as stated above, there
may be circumstances where, for sound business reasons, funds may be reallocated at discretion of
the Board.
The closing of the Private Placement Financing, including the issuance of t he securities and the
finder’s fees are subject to Exchange approval.
NEWS RELEASE
March 31, 2020
Contact: George Sookochoff, President & CEO
Email: [email protected]
Suite 600 - 625 Howe Street,
Vancouver, B.C. V6C 2T6
Ph: 604-683-6648
BEA TSX.V
About Belmont Resources Inc.
Belmont Resources Inc. is a Canadian based resource company traded on the TSX-V under the
symbol “BEA”. The Company is systematically exploring and acquiring gold properties in
Southern British Columbia and Northern Washington State.
ON BEHALF OF THE BOARD OF DIRECTORS
“George Sookochoff”
George Sookochoff, CEO/President
Ph: 604-683-6648
Email: [email protected]
Website: www.BelmontResources.com
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.
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 and other risk factors beyond its contro l. 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 expectation s. 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 and we may not be able to
organize and ca rry out an exploration program in 20 20, 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 Compa ny 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.