Mr. George Sookochoff reports
BELMONT ANNOUNCES ANNUAL FILINGS UPDATE
Belmont Resources Inc. is providing an update on the status of the filing of its annual financial statements, including the accompanying management's discussion and analysis, and related chief executive officer and chief financial officer certifications for its financial year ended Jan. 31, 2020.
On March 18, 2020, the Canadian Securities Administrators ("CSA") issued a notice stating that securities regulators will be providing coordinated relief consisting of a 45-day extension for certain periodic filings required to be made on or prior to June 1, 2020 as a result of the COVID-19 pandemic. Accordingly, the British Columbia Securities Commission ("BCSC") has enacted BC Instrument 51-515, Temporary Exemption from Certain Corporate Finance Requirements ("BCI 51-515").
The Company will be relying on this extension period due to delays experienced as a result of the COVID-19 pandemic. Belmont will be relying on the temporary exemption pursuant to BCI 51-515 with respect to the following provisions:
- the requirement to file audited financial statements for the year ended January 31, 2020 (the "Financial Statements") within 120 days of the Company's financial year end as required by section 4.2(b) of NI 51-102;
- the requirement to file management discussion and analysis (the "MD&A") for the period covered by the Financial Statements within 120 days of the Company's financial year end as required by section 5.1(2) of NI 51-102;
- the requirement to file certifications of the Financial Statements (the "Certificates" and together with the Financial Statements, the "Annual Filings") pursuant to section 4.1 of National Instrument 52-109.Section 4.2(b) [filing deadline for annual financial statements] National Instrument 51-102.
The Company continues to work diligently and expeditiously with its auditors to file the Annual Filings on or before July 14, 2020 (+45 days from May 30, 2020). In the interim, members of the Company's management and other insiders are subject to a trading black-out policy that reflects the principles in section 9 of National Policy 11-207.
The Company confirms that since the filing of its interim consolidated financial statements for the period ended October 31, 2019, there have been no material business developments other than those disclosed through news releases and filed under the Company's SEDAR profile at www.sedar.com
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.
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