Belvedere Closes First Tranche of Private Placement
February 06 2014 - 5:52PM
Marketwired
Belvedere Closes First Tranche of Private Placement
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb 6, 2014) -
Belvedere Resources Ltd. (TSX-VENTURE:BEL) ("Belvedere") announces
that it has closed the first tranche of the non-brokered private
placement announced on December 24, 2013.The first tranche consists
of aggregate gross proceeds of $622,500. The Company will issue
41,499,999 common shares at a price of $0.015 per share in the
first tranche. Belvedere has received an extension from the TSX
Venture Exchange to close the private placement to February 14,
2014.
As previously disclosed, the net proceeds from the private
placement will be applied to the general working capital of the
Company and to develop mineral assets. The private placement common
shares will be issued subject to a minimum four-month hold period
from the date of issuance. The private placement is subject to
acceptance and approval by the TSX Venture Exchange. Finder's fees
may be payable with respect to the private placement, in accordance
with Exchange policies.
A director and officer of Belvedere has acquired securities
under the first tranche of the private placement. Such
participation is considered a related party transaction as defined
under Multilateral Instrument 61‐101 ("MI 61‐101"). This
acquisition is exempt from the formal valuation and minority
shareholder approval requirements of MI 61‐101 as neither the fair
market value of the securities issued to or the consideration paid
by such persons exceeds 25% of Belvedere's market
capitalization.
As previously disclosed, the directors of Belvedere are
proposing that after the private placement Belvedere consolidate
its issued and outstanding common shares at a rate of nine
pre-consolidation shares to one post-consolidation share and intend
to convene a special meeting of shareholders of Belvedere for
purposes of considering a resolution to approve such proposed
consolidation. The directors intend that such special meeting will
be convened and held by the end of February, 2014, and that, if the
consolidation is approved, the board of directors currently intends
to implement the consolidation as soon as practicable following the
approval of the consolidation by the shareholders and the TSX
Venture Exchange.
BELVEDERE RESOURCES LTD.
David Pym, CEO; Suite #404, Vancouver World Trade Centre, 999
Canada Place, Vancouver, B.C. V6C 3E2, Canada
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.
Belvedere Resources Ltd.David PymCEO+1-604-844-2838Belvedere
Resources Ltd.Steven
CuthillCFO+1-604-513-0007www.belvedere-resources.com
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