Belvedere Announces Non-Brokered Private Placement in Connection With Proposed Change of Business to Become Blockchain Technology Company

Belvedere Resources (TSXV:BEL) has announced a proposed non-brokered private placement of a 8.3 million subscription receipts and a maximum of 10.89 million subscription receipts at C$0.78 per receipt for minimum gross proceeds of C$6.5 million and maximum gross proceeds of C$8.5 million.

As quoted in the press release:

The Private Placement is being completed in conjunction with the previously announced proposed “Change of Business” (“COB Transaction”) pursuant to the policies of the TSX Venture Exchange (the “Exchange”), with the result that the Company will become a blockchain technology company, listed on the Exchange.

Each Subscription Receipt will entitle the holder to receive, without further consideration or action, one (1) common share of the Company (“Common Share”), upon satisfaction of certain release conditions, including the satisfaction of applicable conditions precedent of the COB Transaction. The gross proceeds from the sale of the Subscription Receipts will be held in escrow pending the completion of the COB Transaction, unless the Exchange grants a waiver for earlier release of such escrow. If the COB Transaction is not completed, holders of the Subscription Receipts will be entitled to receive the full purchase price of their Subscription Receipts, together with their pro rata share of interest earned thereon.

The Private Placement is expected to close in Q3 2018, however, completion is subject to certain conditions, including approval of the Exchange.  All of the securities of the Company issued in connection with the conversion of the Subscription Receipts will be subject to a hold period of four months and a day.

The net proceeds of the Private Placement will be used with a view to developing the business of the company resulting from the COB Transaction and for general working capital purposes.

See the Company’s press release dated June 13, 2018 for further information regarding the COB Transaction.  The Company will issue additional press releases related to the COB Transaction, financing terms, sponsorship, the names and background of other proposed management and directors of the Company, its proposed name change and other material information as it becomes available.

Click here to read the full press release.