Bellamont Exploration Ltd.
TSX VENTURE : BMX.A
TSX VENTURE : BMX.B

Bellamont Exploration Ltd.

February 11, 2010 09:03 ET

Bellamont Exploration Ltd. Announces Closing of Financing

CALGARY, ALBERTA--(Marketwire - Feb. 11, 2010) - 

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAW.

Bellamont Exploration Ltd. ("Bellamont" or the "Corporation") (TSX VENTURE:BMX.A)(TSX VENTURE:BMX.B) is pleased to announce that it has closed its previously announced bought deal equity offering. The Corporation issued a total of 25,000,000 subscription receipts ("Receipts") at a price of $0.80 per Receipt for gross proceeds of $20,000,000 (the "Offering"). The syndicate of underwriters was led by FirstEnergy Capital Corp. and included RBC Capital Markets, GMP Securities L.P., National Bank Financial, Haywood Securities Inc. and Mackie Research Capital Corporation (collectively, the "Underwriters")

Each Receipt entitles the holder thereof, without payment of any additional consideration or further action, to receive one Class A share of Bellamont upon the satisfaction of certain conditions (the "Escrow Release Conditions"), at or before 5:00 p.m. on April 30, 2010 (the "Termination Time"), including that all conditions to closing the private company acquisition previously announced by the Corporation on January 19, 2010 (the "Acquisition") have been satisfied other than payment of the cash portion of the purchase price and the filing of the articles of arrangement. 

The gross proceeds from the sale of the Receipts have been deposited in escrow and will be released to Bellamont upon delivery to the escrow agent of a notice (the "Closing Notice") by Bellamont and acknowledged by the Underwriters, indicating that the Escrow Release Conditions have been satisfied. In the event the Closing Notice is not provided to the escrow agent at or before the Termination Time, the arrangement agreement in respect of the Acquisition is terminated at any earlier time, or the Corporation has provided notice to the Underwriters, or announces to the public that it does not intend to proceed with the Acquisition, the proceeds from the sale of the Receipts, together with accrued interest thereon, will be reimbursed to the holders of the Receipts.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Bellamont Exploration Ltd.
    Steve Moran
    President and Chief Executive Officer
    (403) 802-6840
    (403) 802-1315 (FAX)
    www.bellamont.com