|By Marketwired .||
|July 29, 2014 02:49 PM EDT||
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 07/29/14 -- Belvedere Resources Ltd. (TSX VENTURE:BEL) ("Belvedere") is pleased to announce that it has closed the non-brokered private placement previously announced on July 4, 2014 and has issued 5,000,000 common shares at a price of C$0.16 per share for gross proceeds of C$800,000. The shares issued pursuant to this private placement are subject to a hold period of four months and one day, expiring November 30, 2014.
A director and officer of Belvedere has acquired securities under the private placement. Such participation is considered a related party transaction as defined under Multilateral Instrument 61-101 ("MI 61-101"). This acquisition is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as neither the fair market value of the securities issued to or the consideration paid by such person exceeds 25% of Belvedere's market capitalization.
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. A finder's fee will be payable in an amount not to exceed 5%, and such finder's fee will be subject to TSX Venture Exchange acceptance.
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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