VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 20, 2011) - Belvedere Resources Ltd. (TSX VENTURE:BEL) ("Belvedere") announces that it has entered into an agreement (the "Amending Agreement") with JinChuan Group Limited ("JinChuan") to amend the terms of an agreement (the "Original Agreement") entered into between Belvedere and JinChuan on July 7, 2009 wherein US$7,675,605 of debt was converted into preference shares. The Original Agreement was announced in a news release dated July 7, 2009.
JinChuan currently holds 7,675,605 preference shares in Belvedere which are redeemable by Belvedere at any time and redeemable by JinChuan in four annual tranches, beginning on June 30, 2011 and ending on June 30, 2014. The preference shares have a redemption price of US$1.00 each, carry a cumulative 2.5% dividend, are non-voting and are not convertible into common shares.
Pursuant to the Amending Agreement, JinChuan has agreed to defer the redemption dates by six months so that the preference shares are redeemable at the option of JinChuan in four annual tranches beginning on December 30, 2011 and ending on December 30, 2014.
BELVEDERE RESOURCES LTD.
David Pym, CEO; Suite #404, Vancouver World Trade Centre, 999 Canada Place, Vancouver. BC. V6C 3E2, Canada
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contact Information:
David Pym
CEO
+1-604-844-2838
Belvedere Resources Ltd.
Toby Strauss
COO
+1-604-844-2838
www.belvedere-resources.com