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Belmont Resources Applies for Waiver to Private Placement Pricing at $0.03 Per Unit
VANCOUVER, BC / ACCESSWIRE / March 31, 2020 / Belmont Resources Inc. (TSXV:BEA)(Frankfurt:L3L2), (the "Company"). As a result of current market conditions the C
About this update from Belmont Resources Inc.
[{"type":"text","content":" VANCOUVER, BC / ACCESSWIRE / March 31, 2020 / Belmont Resources Inc. (TSXV: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 exemptions 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 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 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 & Shareholder Relations including travel & advertising - $10,000; Management Fees - $15,000; Outstanding Payables & Unallocated Working Capital -$40,000. Please watch video at http://bit.ly/35Z94vf While the Company intends 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 the securities and the finder's f...