TSX-Venture Approval for C$ 16.5 million Private Placement
Posted on Thursday May 3, 2007Belvedere Resources Ltd. (the “Company”) is pleased to announce that it has received exchange approval for it’s recent private placement, raising C$ 16.5 million for the issuance of 13,200,000 common shares at C$ 1.25 per common share. There are no warrants attached to the shares. The shares issued are subject to a four month hold period, expiring on 18th August, 2007. A finder’s fee totalling C$ 811,350 (4.92 % of total) will be paid to London stockbrokers, Ocean Equities Ltd.
The net proceeds will be applied to fast track the development of a number of advanced nickel projects in the Finn Nickel portfolio, and to the general working capital of the Company. Finn Nickel is a Finnish company 45% owned by Belvedere. On 23rd March Belvedere signed a Final Agreement to acquire the remaining 55% of Finn Nickel, as well as Outokumpu Mining Oy’s Hitura nickel mine.
BELVEDERE RESOURCES LTD. David Pym, CEO
For further information, please contact:
David Pym:+44-7931-371869
Toby Strauss:+353-87-9870344
Steve Cuthill: +1-604-513-0007
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents of this news release.
Private Placement Closed. C$ 16.5 million raised Finn Nickel Acquisition Closed, Exchange Approval for Hitura Purchase and appointment of new Chief Financial Officer