VANCOUVER, British Columbia, Nov. 20, 2017 (GLOBE NEWSWIRE) -- Belvedere Resources Ltd.
(TSX-V:BEL) (the “Company”) is pleased to announce that it has acquired all of the outstanding 6,716,555 Class A
Preference Shares of the Company, in exchange for the issuance of 13,432,310 common shares of the Company, at an effective price of
$0.05 per share. As a result, Jinchuan Group Co. Ltd. (“Jinchuan”) now holds 13,432,310 common shares of the
Company, representing approximately 15.4% of the outstanding common shares of the Company.
In connection with the foregoing, Jinchuan has also agreed to forgive those liabilities underlying the Class A
Preference Shares previously held by Jinchuan, which liabilities represented unpaid dividends. Such liabilities totaled €848,258 as
at June 30, 2017.
Now that the Company has been able to deal with its preferred share position and underlying liability,
management is focused on examining what financial and strategic alternatives may be available to the Company.
BELVEDERE RESOURCES LTD.
Brian Hinchcliffe, Executive Chairman
c/o 82 Richmond Street East, Suite 200, Toronto, ON, M5C 1P1
Tel. +1 (914) 815 2773
bhinch3@gmail.com
www.belvedere-resources.com
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 this release.
Certain information set out in this news release constitutes forward-looking information. Forward looking
statements are often, but not always, identified by the use of words such as “seek”, “anticipate”, “plan”, “continue”, “estimate”,
“expect”, “may”, “will”, “intend”, “could”, “might”, “should”, “believe” and similar expressions. In particular, this news release
contains forward-looking statements in respect of among other things, the ability of the Company to identify and complete strategic
actions or else restructure itself. Forward-looking statements are based upon the opinions and expectations of management of the
Company as at the effective date of such statements and, in certain cases, information provided or disseminated by third parties.
Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable
assumptions, and that information obtained from third party sources is reliable, they can give no assurance that those expectations
will prove to have been correct. Readers are cautioned not to place undue reliance on forward-looking statements included in this
document, as there can be no assurance that the plans, intentions or expectations upon which the forward-looking statements are
based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and
uncertainties that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements
will not occur, which may cause actual results in future periods to differ materially from any estimates or projections of future
performance or results expressed or implied by such forward-looking statements. These risks and uncertainties include, among other
things, risk factors set forth in the Company’s most recent management's discussion and analysis, a copy of which is filed on SEDAR
at www.SEDAR.com, and readers are cautioned that the risk factors disclosed therein should not be construed
as exhaustive. These statements are made as at the date hereof and unless otherwise required by law, the Company does not intend,
or assume any obligation, to update these forward-looking statements.
