TORONTO, Jan. 31, 2020 (GLOBE NEWSWIRE) -- BELGRAVIA HARTFORD CAPITAL INC. (CSE:BLGV) (BLGVF) (“Belgravia Hartford”, “Belgravia” or the “Company”) today announced the acquisition on January 30, 2020 of 2,000,000 units ("Units") of Blackrock Gold Corp. (BRC.V) (“Blackrock Gold”) pursuant to a private placement. Each Unit consisted of one common share and one-half common share purchase warrant of Blackrock Gold, each whole warrant entitling the holder to acquire one additional common share until January 30, 2022 at an exercise price of $0.30 per share.
The Units were purchased at a price of $0.20 per Unit for total consideration of $400,000. The common shares acquired by Belgravia Hartford represent approximately 3% of the issued and outstanding common shares of Blackrock Gold.
Mehdi Azodi, Belgravia’s President and CEO, stated “Belgravia is confident in the leadership at Blackrock Gold and further due diligence supports the advancement of the Silver Cloud project in Nevada.”
John Stubbs, Belgravia’s Board Chairman, stated “The recent positive drilling results in Nevada by Blackrock Gold would underscore the case for additional work to be undertaken, to further develop the Silver Cloud project.”
Prior to this acquisition, Belgravia Hartford directly owned 9,780,000 common shares of Blackrock Gold and 2,640,000 warrants for a total deemed beneficial ownership of 12,420,000 common shares of Blackrock Gold, representing 18.9% of the deemed outstanding shares. After the completion of the private placement, Belgravia Hartford now directly owns 11,780,000 common shares representing approximately 17.8% of the issued and outstanding common shares, together with warrants to acquire an aggregate of 3,640,000 common shares of Blackrock Gold. If Belgravia Hartford were to exercise these convertible securities, the Company would own 15,420,000 common shares of Blackrock Gold, representing approximately 22.2% of the issued and outstanding common shares deemed outstanding as of such date. This represents a decrease of 2% since its previous Early Warning Report filed on August 19, 2019 of a beneficial shareholding of 24.2%.
The common shares were acquired for investment purposes. Belgravia Hartford may, from time to time, depending on market and other conditions, increase or decrease its beneficial ownership, control or direction over securities of Blackrock Gold through market transactions, private agreements or otherwise.
This press release is being issued pursuant to National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues which requires a report to be filed under Blackrock Gold’s profile on SEDAR (www.sedar.com) containing additional information respecting the foregoing matters.
About Belgravia Hartford
Belgravia Hartford Capital Inc. is a publically traded investment holding company which invests in public and private companies in legal jurisdictions and under the rule of law. Belgravia and its investments are high risk business ventures and expose shareholders to financial risks. Belgravia Royalty & Management Services has a royalty and fee income model. Further, the cash and investment asset base provide capital to support expansion on a selective basis.
For more information, please visit www.belgraviahartford.com
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.