Belmont Resources completes $200K private placement

pcNewsWireBelmont Resources Inc. (TSX.V: BEA; FSE: L3L1) has closed previously announced private placement, issuing 4,000,000 units at a price of $0.05 per unit for gross proceeds of $200,000.

News Release

BELMONT CLOSES PRIVATE PLACEMENT FOR $200,000

Vancouver, B.C. Canada, June 26, 2017 – Belmont Resources Inc. (TSX.V: BEA; FSE: L3L1; DTC Eligible – CUSIP 080499403 ); (“Belmont”, or the “Company).

Financing:
Further to our news release of May 29, 2017, the Company has completed the $200,000 private placement financing. The Company has issued 4,000,000 units (the “Units”) at a price of $0.05 per Unit for gross proceeds of $200,000. Each Unit will consist of one common share of the Company and one transferable share purchase warrant (a “Warrant”). Each whole warrant will permit the holder to acquire one additional share of the Company at a price of $0.08 in the first year (up to June 26, 2018) and at $0.10 in the second year after closing on or before June 26, 2019. Nine placees participated including one insider for 100,000 units. A finder’s fee of $2,500 cash is being paid.

The Common Shares and Warrants are subject to a statutory hold period until October 27, 2017.

The Company intends to use the net proceeds for continued exploration on the Kibby Basin, Nevada lithium property and general working capital.

About Belmont Resources Inc.

Belmont is an emerging resource company engaged in the acquisition, exploration and development of mineral properties in Canada and Nevada, U.S.A.

For further information see our Website at: www.BelmontResources.com
-Facebook https://www.facebook.com/Nevadalithium/
-Twitter https://twitter.com/Belmont_Res

On March 30, 2016; the Company acquired sixteen placer (16) mining claims, representing 1036 hectares (2,560 acres) in Esmeralda County, Nevada, U.S.A. The Kibby Basin property is located 65 km north of Clayton Valley, Nevada-U.S.A. The Company believes the property to be highly prospective to host lithium.

On July 11, 2016; the Company reported it has arranged the staking of 213 x 20 acre additional placer mineral claims totaling approx. 1724 hectares ( 4,260 acres) , adjoining the Kibby 16, increasing the total Kibby Basin land position (the “Property”) to 2760 hectares (6,820 acres).

In 50/50 ownership with International Montoro Resources Inc., Belmont has acquired and is exploring joint venture opportunities for its two significant uranium properties (Crackingstone -982 ha & Orbit Lake – 11,109 ha) in the Uranium City District in Northern Saskatchewan, Canada

ON BEHALF OF THE BOARD OF DIRECTORS
“Gary Musil”
Gary Musil, Corporate Secretary/CFO/Director