Toronto, Ontario--(Newsfile Corp. - March 11, 2022) - BELGRAVIA HARTFORD CAPITAL INC. (CSE: BLGV) ("Belgravia" or the "Company") announces that the Company transferred and divested an aggregate of 8,000,000 common shares ("Common Shares") of Imperial Mining Group Inc. ("Imperial Mining"), to an arm's length party (the "Transferee") in private market transactions occurring simultaneously on March 9, 2022 (the "Dispositions"). The consideration received per Common Share under the Dispositions was $0.14, for a total consideration received of $1,120,000. The completion of the Dispositions resulted in the beneficial ownership of, or control or direction over, the Common Shares to decrease below 10% of the issued and outstanding shares of Imperial Mining. Accordingly, following the filing of the early warning report described below, Belgravia will no longer file early warning or insider reports in respect of the Company's ownership of Imperial Mining's Securities, except as may be required by applicable law.
Prior to the Dispositions, Belgravia owned 16,600,000 Common Shares and 5,000,000 Warrants, representing approximately 10.17% of the issued and outstanding Common Shares on an undiluted basis and approximately 13.23% of Imperial Mining's deemed beneficial shareholder percentage. The Company continues to hold 8,600,000 Common Shares or 5.27% of Imperial Mining's issued and outstanding shares on an undiluted basis and 5,000,000 Warrants including 4,000,000 Warrants exercisable at $0.11 until September 10, 2022, and 1,000,000 Warrants exercisable at $0.20 until September 13, 2023. If the Company were to exercise all the Warrants, it would hold approximately 8.33% of Imperial Mining's deemed beneficial shareholder percentage. As a result of the Dispositions, the Company has decreased its holdings by 4.9% of Imperial Mining's current issued and outstanding Common Shares.
The Company divested of 8,000,000 Common Shares for strategic decisions around enhancing shareholder value. The Company will retain an indirect economic interest in Imperial Mining but will neither directly own nor control the disposed of Common Shares. 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 (collectively, "Securities") of Imperial Mining 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 Imperial Mining and other relevant factors.
This press 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 (the "Early Warning Report"). A copy of the Early Warning Report will be filed on SEDAR under Imperial Mining's profile at www.sedar.com.
About Belgravia
Belgravia Hartford Capital Inc. is a publicly traded investment holding company listed on the Canadian Securities Exchange. Belgravia is focused on growing its assets and holdings and increasing its net asset value (NAV). Belgravia invests in a portfolio of private and public companies located in jurisdictions governed by the rule of law. It takes a multi-sector investment approach with emphasis in the resources and commodities sector. Belgravia and its investments are considered high risk holdings and it may expose shareholders to significant volatility and losses.
For more information, please visit www.belgraviahartford.com
Forward-Looking Statements
Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements include statements that use forward-looking terminology such as "may", "will", "expect", "anticipate", "believe", "continue", "potential" or the negative thereof or other variations thereof or comparable terminology. Such forward-looking statements include, without limitation, statements regarding planned investment activities & related returns, the timing for completion of research and development activities, the potential value of royalties, and other statements that are not historical facts. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of the Company, including, but not limited to, changes in market trends, the completion, results and timing of research undertaken by the Company, risks associated with resource assets, the impact of general economic conditions, commodity prices, industry conditions, dependence upon regulatory, environmental, and governmental approvals, and the uncertainty of obtaining additional financing. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.
For More Information, Please Contact:
Mehdi Azodi, President & CEO
Belgravia Hartford Capital Inc.
(250) 763-5533
mazodi@blgv.ca
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/116291
