Private Placement Completes
Posted on Friday August 11, 2006Vancouver, August 11, 2006 TSX Symbol: BEL
NEWS RELEASE
Private Placement Completed
Belvedere Resources Ltd. (the “Company) has received regulatory approval for its recently announced private placement. The private placement was fully subscribed and the Company has issued 8,771,930 common shares at C$ 0.57 per common share. There are no warrants attached to the shares. The private placement was closed in two parts. The shares issued are subject to a four month hold period, expiring on 9th December, 2006 for 5,621,930 shares, and 12th December, 2006 for the remaining 3,150,000 shares. A finder’s fee totaling C$ 246,135 (4.92 % of total) will be paid to London stockbrokers, Ocean Equities Ltd. The net proceeds will be applied to the general working capital of the Company and to complete the acquisition of the 45% stake in Suomen Nikkeli Oy (Finn Nickel Ltd) announced on 15th May, 2006.
BELVEDERE RESOURCES LTD. David Pym, CEO
For further information, please contact:
David Pym: +358-9-25166334
Steve Cuthill: +1-604-408-0550
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents of this news release.
Announces Private Placement Acquisition of 45% Equity Stake in Suomen Nikkeli Oy Completed