Belgravia Hartford owns 9.04% of Blackrock Gold shares BELGRAVIA HARTFORD ANNOUNCES DECREASED POSITION IN BLACKROCK GOLD BELOW 10%
Belgravia Hartford Capital Inc., as a result of open market dispositions made between July 21, 2020, and Jan. 20, 2021, of 2.51 million common shares, no longer holds over 10 per cent of the issued and outstanding shares of Blackrock Gold Corp.
Between July 21, 2020, and Jan. 20, 2021, the company disposed of 2.51 million common shares of Blackrock Gold through the facilities of the Toronto Stock Exchange at an average price of 88 cents per common share for a total consideration of $2,203,691. Prior to the transactions that gave rise to Belgravia's obligation to file an early warning report, Belgravia had owned directly 12.26 million common shares, representing 11.36 per cent of the issued and outstanding common shares of Blackrock Gold, and continues to hold one million common share purchase warrants, exercisable at 30 cents until Jan. 30, 2022. As a result of the transactions, Belgravia owns 9.75 million common shares, being 9.04 per cent of the issued and outstanding shares on a non-diluted basis. As a result of the transactions, the company has decreased its holdings in Blackrock Gold by 2.32 per cent. If all of the warrants were exercised, Belgravia would own, directly or indirectly, or exercise control or direction over, approximately 9.96 per cent deemed beneficial shareholding percentage.
The Blackrock Gold shares were sold for investment purposes. Liquidating these common shares provided Belgravia the opportunity to increase other key security holdings the company feels are undervalued. In accordance with applicable securities laws, Belgravia may, from time to time and at any time, acquire additional shares and/or other equity, debt, or other securities or instruments of Blackrock Gold in the open market or otherwise, and reserves the right to dispose of any or all of its securities in the open market or otherwise at any time and from time to time, and to engage in similar transactions with respect to the securities, the whole depending on market conditions, the business and prospects of Blackrock Gold and other relevant factors.
This news release is being issued in pursuant to National Instrument 62-103, The Early Warning System and Related Take-Over Bid and Insider Reporting Issues, which also requires a report to be filed with the regulatory authorities in each jurisdiction in which the issuer is a reporting issuer containing information with respect to the foregoing matters. A copy of the early warning Report will be filed on SEDAR under Blackrock Gold's profile.