VANCOUVER, BRITISH COLUMBIA, Sep. 30, 2009 (Marketwire) -- Belvedere Resources Ltd. (TSX VENTURE:BEL) ("Belvedere") announces that it has completed its recently announced Brokered Private Placement for gross proceeds of $1,850,000 through the sale of 23,125,000 Common shares (the "Shares") at a price of $0.08 per Share. The agent for the Private Placement was London stockbrokers Ocean Equities Ltd.
The Shares are subject to a hold period and may not be traded until January 31, 2010 except as permitted by Canadian securities legislation and the TSX Venture Exchange.
Four insiders and their associates subscribed for an aggregate of 3,553,400 Shares and accordingly these insiders have increased their holdings in Belvedere. The insiders include Harry Dobson, David Pym, Toby Strauss and Charles Donald. Belvedere relied on the formal valuation and minority approval exemptions in subsections 5.5(a) and 5.7(1)(a), respectively, of Multilateral Instrument 61-101. The closing of the insider's subscriptions for Shares occurred less than 21 days from the date hereof in order for the Company to close the insider's subscriptions concurrently with the other subscribers. The participation of the insiders in the financing was approved by the Board of Directors of Belvedere with the insiders abstaining from voting.
A finders fee of $93,943.68 was paid by Belvedere to Ocean Equities Ltd. The $93,943.68 represents 6% of the funds raised, excluding amounts paid by insiders and their associates for the Shares that they purchased. Ocean Equities Ltd. will be reimbursed for all of its reasonable costs, charges and other out of pocket expenses incurred in the Private Placement. The net proceeds will be applied to the general working capital of Belvedere, and to develop the gold assets.
BELVEDERE RESOURCES LTD.
David Pym, CEO
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of the contents of this release.