Bellamont Exploration Ltd. announces closing of financing

/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./

CALGARY, Nov. 26 /CNW/ - Bellamont Exploration Ltd. ("Bellamont" or the "Corporation") (TSXV: BMX.A, BMX.B) is pleased to announce that it has closed its previously announced bought deal equity offering. The over-allotment option was exercised in full by the Underwriters and, as a result, the Corporation issued a total of 14,950,000 subscription receipts ("Receipts") at a price of $0.62 per Receipt and 2,750,000 Class A shares on a flow-though basis ("Flow Through Shares") at a price of $0.75 per Flow Through Share, for gross proceeds of $11,331,500 (the "Offering"). The syndicate of underwriters was led by FirstEnergy Capital Corp. and included GMP Securities L.P., RBC Capital Markets, National Bank Financial Inc. and J.F. Mackie & Company Ltd. (collectively, the "Underwriters")

Each Receipt entitles the holder thereof, without further payment of any additional consideration or further action, to receive one Class A share of Bellamont upon the completion, at or before 5:00 p.m. on January 31, 2010 (the "Termination Time"), of the acquisition previously announced by the Corporation on November 4, 2009 (the "Acquisition").

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, among other things, all conditions to closing the Acquisition have been satisfied other than payment of the purchase price. In the event the Closing Notice is not provided to the escrow agent at or before the Termination Time, the acquisition agreement 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.

%SEDAR: 00024373E

SOURCE BELLAMONT EXPLORATION LTD.

For further information: For further information: Bellamont Exploration Ltd., Suite 200, 1324 - 17 th Avenue S.W., Calgary, Alberta, T2T 5S8, Telephone: (403) 802-6840, Fax: (403) 802-1315, Steve Moran, President and Chief Executive Officer, www.bellamont.com

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BELLAMONT EXPLORATION LTD.

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