Belmont Resources Closes Oversubscribed Financing

About this update from Belmont Resources Inc.

[{"type":"text","content":" VANCOUVER, BC / ACCESSWIRE / May 5, 2020 / Belmont Resources Inc. (TSXV:BEA) (Frankfurt:L3L2), (the \"Company\"). Further to the Company's news releases dated March 31, 2020 and April 28, 2020, the Company announces that it has been oversubscribed on its previously announced $180,000 (6.0 million units) non-brokered private placement and closed on $199,665 (6,655,500 units) priced at $0.03/Unit. The Company will close its final tranche of the private placement and issue 2,200,000 units at a price of $0.03 for gross proceeds of $66,000. 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. A finder's fee of $1,680 cash and 56,000 warrants has agreed to be paid/issued to Haywood Securities Inc. on the final tranche. The use of proceeds will be for continued exploration on its existing properties in the Greenwood Gold Camp. This will account for approximately $30,000. The balance of $36,000 will maintain existing operating expenses as follows: Regulatory Fees - $2,500; Office Rent & Communication expenses - $7,000; Transfer Agent Fees -$2,500; Legal & Accounting - $10,000; Management Fees - $5,000; Finder's fees $1,700; Outstanding Payables & Unallocated Working Capital -$7,300. While the Company intends to spend the proceeds from the Financing as stated above, there may be circumstances where, for sound business reasons, funds may be reallocated at the discretion of the Board. The pricing of the private placement was made in reliance on the temporary relief measures established by the TSX Venture Exchange Bulletin dated April 7, 2014. The price per common share was set at the last trading price on the TSX Venture Exchange before the issuance of the initial press release. All securities issued under this private placement, the shares that may be issuable on the exercise of the warrants, and the finder's warrants are subject to a statutory hold period expiring four months and one day from issuance. The closing of the private placement financing, including the issuance of the securities and the finder's fees are subject to TSX Venture Exchange approval. About Belmont Resources Inc. Belmont Resources Inc. is a Canadian based resou...

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