|By Marketwired .||
|April 30, 2014 11:47 AM EDT||
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 04/30/14 -- 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.
Belvedere Resources Ltd.
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