|By Marketwired .||
|July 4, 2014 01:02 PM EDT||
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 07/04/14 -- Belvedere Resources Ltd. (TSX VENTURE: BEL) ("Belvedere") announces that it is proposing to undertake a non brokered private placement to raise up to C$ 0.8 million through the issuance of up to 5,000,000 common shares of Belvedere at a price of C$ 0.16 per share.
The net proceeds from the private placement will be applied to the general working capital of the Company and to develop mineral assets.
Directors and officers of Belvedere may acquire securities under the private placement. Any such participation would be considered a related party transaction as defined under Multilateral Instrument 61-101 ("MI 61-101"). The transaction will be exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 provided that neither the fair market value of any securities issued to nor the consideration paid by such persons will exceed 25% of Belvedere's market capitalization, which is anticipated to be the case.
The private placement is subject to acceptance and approval 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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