Vancouver, British Columbia, June 19, 2015. Belvedere Resources Ltd. BEL:TSX-V (“Belvedere”) announces that it has closed the non-brokered private placement (the “Offering”) previously announced on May 4, 2015, and has issued 17,300,000 common shares at a price of $0.05 per share, for gross proceeds of $865,000.
Zila Corporation (“Zila”) and Bottin (International) Investments Limited (“Bottin”) are each a “related party” to Belvedere under Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (“MI 61-101”) by virtue of their respective shareholdings being in excess of 10% of the total share capital of Belvedere. Zila, which upon completion of the Offering, now owns an aggregate of 3,441,325 common shares of Belvedere (“Common Shares”) representing approximately 18.2% of Belvedere’s share capital, and Bottin, which upon completion of the Offering, now owns an aggregate of 8,759,023 Common Shares representing approximately 11.9% of Belvedere’s share capital. Accordingly, the closing of the Offering is a “related party transaction” under MI 61-101. The Offering is a transaction that is exempt from (i) the formal valuation requirements under Section 5.4 of MI 61-101 pursuant to Subsection 5.5(b) of MI 61-
101 and (ii) from the minority approval requirements under Section 5.6 of MI 61-101 pursuant to Subsection 5.7(1)(b) of MI 61-101.
The net proceeds from the Offering will be applied to the general working capital of Belvedere and are subject to a statutory hold period of four months and one day. The Offering remains subject to final
acceptance and approval by the TSX Venture Exchange. A finder’s fee will be payable in an amount not to exceed 5% of the gross proceeds, and such finder’s fee will be subject to TSX Venture Exchange acceptance.
BELVEDERE RESOURCES LTD.
Brian Hinchcliffe, Executive Chairman
Suite #404, Vancouver World Trade Centre, 999 Canada Place, Vancouver, B.C. V6C 3E2, Canada
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Exchange) accepts responsibility for the adequacy or accuracy of this release.