Belvedere Announces Sale of a Subsidiary
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Nov 28, 2016) - Belvedere Resources Ltd. (TSX VENTURE:BEL) (the "Company") announces it has sold one of its Finland subsidiaries, BR Gold Mining Oy, which holds properties that the Company has not been able to develop.
"Regretfully, the Company has not been able to progress discussions regarding its debt and preferred shares with its preferred shareholder and has mounting property holding obligations and other costs, mandating a search for strategic action," said Brian Hinchcliffe, CEO. "We are considering all options, including seeking other alliances with exploration companies to either joint venture or purchase various property claims."
In exchange for the shares of the subsidiary, the Company received 6,000,000 common shares of a private, arm's length company.
BELVEDERE RESOURCES LTD.
Brian Hinchcliffe, Executive Chairman
Suite #404, Vancouver World Trade Centre, 999 Canada Place, Vancouver, B.C. V6C 3E2, Canada
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Certain information set out in this news release constitutes forward-looking information. Forward looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "intend", "could", "might", "should", "believe" and similar expressions. In particular, this news release contains forward-looking statements in respect of among other things, the ability of the Company to obtain financing, identify and complete strategic actions or else restructure itself. Forward-looking statements are based upon the opinions and expectations of management of the Company as at the effective date of such statements and, in certain cases, information provided or disseminated by third parties. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, and that information obtained from third party sources is reliable, they can give no assurance that those expectations will prove to have been correct. Readers are cautioned not to place undue reliance on forward-looking statements included in this document, as there can be no assurance that the plans, intentions or expectations upon which the forward-looking statements are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will not occur, which may cause actual results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by such forward-looking statements. These risks and uncertainties include, among other things, risk factors set forth in the Company's most recent management's discussion and analysis, a copy of which is filed on SEDAR at www.SEDAR.com, and readers are cautioned that the risk factors disclosed therein should not be construed as exhaustive. These statements are made as at the date hereof and unless otherwise required by law, the Company does not intend, or assume any obligation, to update these forward-looking statements.
Contact
Belvedere Resources Ltd.
Brian Hinchcliffe
Executive Chairman
+1 (914) 815 2773
bhinch3@gmail.com
www.belvedere-resources.com