BELGRAVIA CAPITAL INTERNATIONAL INC. (CSE:BLGV) (OTCQB:BLGVF)
(“Belgravia” or the “Company”) is pleased to provide a corporate
update.
Key Highlights Q2 Financial Statements
Financial statements for the six-month period ended June 30,
2019 were filed on August 23, 2019. Belgravia reported working
capital as at June 30, 2019 of $8,435,635. A key holding of
Belgravia is Blackrock Gold (TSX-V:BRC) and since August 23, 2019,
Belgravia has increased it’s holding by 1,500,000 shares through
exercise of share purchase warrants at $0.10. Belgravia holds
9,780,000 common shares and 2,640,000 share purchase warrants
exercisable at $0.20 until March 14, 2020. Please refer to
Belgravia’s Early Warning Report filed on Blackrock Gold’s SEDAR
profile. Securities of Blackrock Gold have increased in value
during this period also. The current market capitalization of
Belgravia is closely tied to it’s Net Asset Value, Belgravia will
continue to seek investments which meet its strategy selection
criteria.
Letter of Intent with Cali Care Group
Ltd.
On July 11, 2019, Belgravia announced the signing of a
non-binding letter of intent (“LOI”) with Cali Care Group Ltd.
(“Cali Care”), a cannabis home delivery service in the Inland
Empire of California. Over the past 60 days Belgravia has conducted
a comprehensive due diligence process to define the synergies that
may exist within the potential transaction. Belgravia has
concluded, based on a review of financial risk, growth opportunity
and the proposed dilution to the current Belgravia shareholders in
addition, immediate delivery of capital is not in Belgravia’s best
short and long-term interests and has advised Cali Care of the
termination of the LOI, in accordance with the provisions
thereof.
Belgravia remains invested in the cannabis sector and continues
to be minority shareholders of Planet 13 (CSE:PLTH), C21
Investments (CSE:CXXI), Plus Products (CSE:PLUS) Halo Labs
(NEX:HALO) and The Weekend Unlimited (CSE:POT).
Tartisan Nickel (CSE:TN)
Belgravia commenced a lawsuit in the Ontario Superior Court of
Justice against Tartisan Nickel Inc. and D. Mark Appleby (the
“Defendants”), in which Belgravia claims $650,000
in damages, plus punitive damages in the amount of $100,000, and
ancillary relief for negligent misrepresentation and breach of
contract. The Statement of Claim was issued on June 12, 2018, and
was formally served on June 15, 2018. The Defendants Statement of
Defence was filed on July 19, 2018 and alleges that Belgravia
should not have relied on any statements made by Mr. Appleby as to
whether to invest in Tartisan and further alleges defamation of Mr.
Appleby’s character in the amount of $1 million. Pre-trial
discoveries in the lawsuit had been set for March 5th to 8th, 2019.
Management of Tartisan requested additional postponement of
pre-trial discoveries. Belgravia received a court order to set the
date of discoveries and require Mr. Appleby attend such discoveries
and avoid further delays. Pre-trial discoveries took place on April
24, 2019 with additional discoveries pursuant to a court order
obtained by Belgravia commencing on August 29, 2019. Given that
Tartisan appears to be insolvent based on its latest financial
disclosure, Belgravia will concentrate on pursuing its remedies
against Appleby personally.
Zonetail Inc. (TSX-V:ZONE)
On June 20, 2019 Belgravia filed an Application for a Bankruptcy
Order against Zonetail Inc. in the Ontario Superior Court of
Justice (Bankruptcy and Insolvency Division) on the basis that
Zonetail has ceased to have met its liabilities as they become due
including Belgravia's unsecured promissory note which represents
almost 50% of Zonetail's liabilities. Belgravia is concerned that
given Zonetail's historical burn rate, its historical inability to
generate revenues of any significant amount and the fact that since
at least December of 2017 its auditors have qualified Zonetail's
financial statements with a "going concern" note that its
investment in Zonetail is at imminent risk. Belgravia announced
that it will retain BDO Canada Limited as Trustee if the court
grants its application. Zonetail has announced that it is
attempting to raise private placement funds of $1,000,000. Zonetail
has been informed that Belgravia is willing to put its Bankruptcy
Application into abeyance if Zonetail agrees to transfer an amount
equal to the entire amount of its indebtedness to Belgravia from
the private placement proceeds to its solicitors in trust ensuring
that Belgravia will be paid in full on the closing of the private
placement. Belgravia is awaiting a response from Zonetail.
About Belgravia
Belgravia Capital International Inc. is focused on three core
business divisions: Incubator, Investments, and Royalty &
Management Services. The three divisions of Belgravia are high risk
business ventures and expose shareholders to financial risks. The
Incubator division provides capital to support the development of
early stage companies in the Biotech/Healthcare, Technology,
Resources and Medical sectors. Belgravia Holdings, the Investments
division, invests in various private and public companies with a
focus on value. Belgravia Royalty & Management Services has a
royalty and fee income model. Further, the cash and investment
asset base provide capital to support expansion on a selective
basis.
For more information, please visit
www.belgraviacapital.ca
Forward-Looking
Statements
Certain information set forth in this news release may contain
forward-looking statements that involve substantial known and
unknown risks and uncertainties and other factors which may cause
the actual results, performance or achievements of the Company to
be materially different from any future results, performance or
achievements expressed or implied by such forward-looking
statements. Forward-looking statements include statements that use
forward-looking terminology such as “may”, “will”, “expect”,
“anticipate”, “believe”, “continue”, “potential” or the negative
thereof or other variations thereof or comparable terminology. Such
forward-looking statements include, without limitation, statements
regarding planned investment activities & related returns, the
timing for completion of research and development activities, the
potential value of royalties, and other statements that are not
historical facts. These forward-looking statements are
subject to numerous risks and uncertainties, certain of which are
beyond the control of the Company, including, but not limited to,
changes in market trends, the completion, results and timing of
research undertaken by the Company, risks associated with resource
assets, the impact of general economic conditions, commodity
prices, industry conditions, dependence upon regulatory,
environmental, and governmental approvals, and the uncertainty of
obtaining additional financing. Readers are cautioned that the
assumptions used in the preparation of such information, although
considered reasonable at the time of preparation, may prove to be
imprecise and, as such, undue reliance should not be placed on
forward-looking statements.
For More Information, Please
Contact:
Mehdi Azodi, President & CEOBelgravia
Capital International Inc.(416) 779-3268 mazodi@blgv.ca
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