Belvedere Closes Private Placement
February 14 2014 - 6:01PM
Marketwired
Belvedere Closes Private Placement
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb 14, 2014) -
Belvedere Resources Ltd. (TSX-VENTURE:BEL) ("Belvedere") announces
that it has closed the second and final tranche of the non-brokered
private placement announced on December 24, 2013. The second
tranche consists of aggregate gross proceeds of $377,500. The
Company will issue 25,166,666 common shares at a price of $0.015
per share in the second tranche. In total, the Company received
gross proceeds of $1,000,000 and issued 66,666,665 common shares in
respect of the private placement. A finder's fee will be payable in
an amount not to exceed 5%, and such finder's fee will be subject
to Exchange acceptance.
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.
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
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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