Belvedere Resources Limited - Closes Private Placement
20.06.2015 | Marketwire
VANCOUVER -- (Jun 19, 2015) - Belvedere Resources Ltd. (TSX VENTURE:BEL) ("Belvedere") announces that it has closed the non-brokered private placement (the "Offering") previously announced on May 4, 2015, and has issued 17,300,000 common shares at a price of $0.05 per share, for gross proceeds of $865,000.Zila Corporation ("Zila") and Bottin (International) Investments Limited ("Bottin") are each a "related party" to Belvedere under Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions ("MI 61-101") by virtue of their respective shareholdings being in excess of 10% of the total share capital of Belvedere. Zila, which upon completion of the Offering, now owns an aggregate of 13,441,325 common shares of Belvedere ("Common Shares") representing approximately 18.2% of Belvedere's share capital, and Bottin, which upon completion of the Offering, now owns an aggregate of 8,759,023 Common Shares representing approximately 11.9% of Belvedere's share capital. Accordingly, the closing of the Offering is a "related party transaction" under MI 61-101. The Offering is a transaction that is exempt from (i) the formal valuation requirements under Section 5.4 of MI 61-101 pursuant to Subsection 5.5(b) of MI 61-101 and (ii) from the minority approval requirements under Section 5.6 of MI 61-101 pursuant to Subsection 5.7(1)(b) of MI 61-101.
The net proceeds from the Offering will be applied to the general working capital of Belvedere and are subject to a statutory hold period of four months and one day. The Offering remains subject to final acceptance and approval by the TSX Venture Exchange. A finder's fee will be payable in an amount not to exceed 5% of the gross proceeds, and such finder's fee will be subject to TSX Venture Exchange acceptance.
BELVEDERE RESOURCES LTD.
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.
Contact
Belvedere Resources Ltd.
Brian Hinchcliffe, Executive Chairman
914-815-2773
bhinch3@gmail.com or brian.hinchcliffe@belmining.com
www.belvedere-resources.com