Belvedere Resources Ltd: Private Placement and Loan
(firmenpresse) - VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 10/15/14 -- Belvedere Resources Ltd. (TSX VENTURE: BEL) ("Belvedere" or the "Company") is proposing to undertake a non-brokered private placement to raise up to C$ 1 million through the issuance of up to 7,142,857 common shares of Belvedere at a price of C$ 0.14 per share. In addition, Zila Corporation, a company in which a director of Belvedere has a controlling interest, has agreed to lend C$ 200,000 to the Company (the "Loan") for general working capital purposes. The Loan is to be repaid in cash within six months or upon completion of the private placement, whichever occurs first. The Loan is secured against the assets of the Company and is non-interest bearing. An arrangement fee of C$ 5,000 will be paid by the Company to the Lender in connection with the Loan.
The Loan will constitute a related party transaction 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, as the Company intends to rely on the exemptions found in sections 5.5(a) and 5.7(1)(a) of MI 61-101 on the basis that the fair market value of the transaction will not exceed 25% of Belvedere's market capitalization.
The net proceeds from the private placement will be applied to repay the Loan and to the general working capital of the Company and development of mineral assets.
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.
Contacts:
Belvedere Resources Ltd.
David Pym
CEO
+1-604-844-2838
Belvedere Resources Ltd.
Steven Cuthill
CFO
+1-604-513-0007
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Datum: 15.10.2014 - 22:08 Uhr
Sprache: Deutsch
News-ID 344413
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contact information:
Town:
VANCOUVER, BRITISH COLUMBIA
Kategorie:
Mining & Metals
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