Mr. George Sookochoff reports
BELMONT RESOURCES INC. CLOSES $25,000 FINANCING
Further to the news release dated June 17, 2020, Belmont Resources Inc. has closed the private placement and issued 500,000 units at a price of five cents for gross proceeds of $25,000. Each unit will comprise one common share and one transferable share purchase warrant. Each whole warrant will permit the holder to acquire one additional common share of the company at a price of eight cents for one year from closing. The term of the warrants may be accelerated in the event that the issuer's shares trade at or above a price of 15 cents per share for a period of 10 consecutive days. In such case of accelerated warrants, the issuer may give notice, in writing or by way of news release, to the subscribers, that the warrants will expire 30 days from the date of providing such notice. The proceeds of the financing will be used for general working capital.
All securities issued under this private placement, and the shares that may be issuable on the exercise of the warrants, are subject to a statutory hold period expiring four months and one day (Nov. 7, 2020) from issuance. The closing of the private placement financing, including the issuance of the securities, has received TSX Venture Exchange approval.
About Belmont Resources Inc.
The company is systematically exploring and acquiring gold properties in Southern British Columbia and northern Washington State.
We seek Safe Harbor.
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