Belvedere Closes Non-Brokered Private Placement
April 30 2014 - 10:46AM
Marketwired
Belvedere Closes Non-Brokered Private Placement
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Apr 30, 2014) -
Belvedere Resources Ltd. (TSX-VENTURE:BEL) ("Belvedere") is pleased
to announce that it has closed the non-brokered private placement
previously announced on April 16, 2014 and has issued 5,900,000
common shares at a price of C$0.185 per share for gross proceeds of
C$1,091,500. The shares issued pursuant to this private placement
are subject to a hold period of four months and one day, expiring
September 1, 2014. As previously announced, the subscribers of the
private placement are investment funds managed or controlled by
Baker Steel Capital Managers LLP ("Baker Steel").
CEO David Pym comments that "The Board and management are
delighted to have gained a long term investor of the calibre of
Baker Steel that recognises the potential of the company."
Belvedere has agreed to grant Baker Steel the right to have a
nominee appointed to the Belvedere board or to nominate one
director for election to the Belvedere board provided that
investment funds managed or controlled by Baker Steel hold at least
14.9% of the issued and outstanding common shares of Belvedere.
Baker Steel's current holdings represent 19.55% of the issued and
outstanding common shares.
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 is subject to final acceptance by 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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