VANCOUVER, BRITISH COLUMBIA--(Marketwired - April 16, 2014) - Belvedere Resources Ltd. (TSX VENTURE:BEL) ("Belvedere") announces that it is proposing to undertake a non-brokered private placement to raise up to C$1,091,500 through the issuance of up to 5,900,000 common shares of Belvedere at a price of C$0.185 per share.
The subscribers of the private placement are investment funds managed or controlled by Baker Steel Capital Managers LLP ("Baker Steel"). 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.
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 approval by the TSX Venture Exchange.
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.