VANCOUVER, BRITISH COLUMBIA, Sep. 9, 2010 (Marketwire) -- Belvedere Resources Ltd. (TSX VENTURE:BEL) ("Belvedere" or the "Company") announces that it has received disinterested shareholder approval to decrease the exercise price of stock options for the purchase of 2,675,000 Common shares of the Company (the "Stock Options") previously granted, including options granted to certain insiders. The exercise price of the Stock Options is reduced from $1.89 per share to $0.18 per share. All other terms and conditions of the option agreements will remain unchanged.
The decrease in the exercise price of the stock options is subject to acceptance by the TSX Venture Exchange.
The Company also announces that at its annual meeting, shareholders of the Company approved a resolution making certain amendments to the Company's stock option plan to specify that the minimum exercise price of stock options granted pursuant to the stock option plan must not be less than the Discounted Market Price, as that term is defined in the TSX Venture Exchange Corporate Finance Manual.
BELVEDERE RESOURCES LTD.
David Pym, CEO; Suite #404, Vancouver World Trade Centre, 999 Canada Place, Vancouver. BC. V6C 3E2, Canada
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.
David Pym
Toby Strauss
Belvedere Resources Ltd.
Belvedere Resources Ltd.
CEO
COO
+1-604-844-2838
+1-604-844-2838
www.belvedere-resources.com
