Belvedere Announces Proposed Private Placement and Proposed Shares for Debt Transaction
Vancouver, British Columbia – Belvedere Resources Ltd. (TSX-V: BEL) (the “Company”) announces that it intends to complete a non-brokered private placement (the “Private Placement”) of up to 4,166,666 common shares (“Common Shares”) of the Company at a price of CAD$0.06 per share for gross proceeds of up to CAD$250,000.
The net proceeds from the Private Placement will be used in connection with continued operations of the Company, payment of outstanding debts, examining what financial and strategic alternatives may be available to the Company and towards general and administrative expenses.
The securities issued in connection with the Private Placement are subject to a hold period of four months and one day from the closing of the Private Placement. The Private Placement is subject to certain conditions, including approval of the TSX Venture Exchange (the “TSXV”).
The Company may pay a commission or finder’s fee to eligible parties in connection with the Private Placement, subject to the approval of the TSXV and compliance with applicable securities laws.
Shares for Debt
The Company also announces a proposed shares for debt transaction wherein it proposes to settle up to CAD$1,200,000 of the debts owed by the Company, by issuance of Common Shares at a price of CAD$0.06 per Common Share (the “Shares for Debt Transaction”). The debts relate to funds forwarded by the Executive Chairman and a shareholder of the Company to continue operations of the Company while it sought to restructure itself.
The Shares for Debt Transaction is subject to all necessary regulatory approvals, including approval of the TSXV. Any Common Shares issued in connection with the Shares for Debt Transaction will be issued in compliance with applicable securities laws.
BELVEDERE RESOURCES LTD.
Brian Hinchcliffe, Executive Chairman
c/o 82 Richmond Street East, Suite 200, Toronto, ON, M5C 1P1
Tel. +1 (914) 815 2773
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.