Belvedere Closes Convertible Loan Facility

Belvedere Resources Ltd. (TSXV:BEL) announced that it has closed the private placement of a convertible loan facility of up to €2 million with Investec Bank plc that Belvedere announced on July 12, 2010.

The press release is quoted as saying:

The principal amount of the loan is convertible at the lender’s option into up to 19,094,286 common shares of Belvedere, at a conversion price of $0.14 per share (and an exchange rate of €1 to $1.3366). Belvedere has also issued 7,637,714 detachable warrants to Investec in connection with the loan. Each warrant entitles the holder to acquire one common share at an exercise price of $0.14 for a two-year period.

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