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Belvedere Resources Ltd. (CVE: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.
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.
Click here to access the entire press release
Click here to access Belvedere Resources Ltd. Corporate Site