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Assuming that they are size 6-32, the distance from the bolt hole center to the edge is < 1.5 times that of the bolt diameter (~1.36).*
The new minor diameter yields an area of pi*(0.0989/2)^2 = 0.00768 in^2. Then, estimated shear force is ~277 lbs per bolt. Given that there are 8 bolt holes, this gives an estimated shear force of 2212.5 pounds, which is good, given that the webbing will break at around this force, anyways.
*Note that if we increase thickness of the closure from 0.375" to 0.5", this number increases to 1.8.