| Belvedere Mining Oy Initiates Voluntary Bankruptcy Proceedings | |
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VANCOUVER, BRITISH COLUMBIA--(Marketwired - Dec. 23, 2015) - Belvedere Resources Ltd. (TSX VENTURE:BEL) ("Belvedere") regretfully announces that Belvedere Mining Oy, a 100% owned subsidiary of Belvedere, has decided to initiate voluntary bankruptcy proceedings. Belvedere Mining Oy's main assets include the Hitura nickel mine and processing plant, and the Kopsa gold property. The majority of the gold assets of the group are held by Belvedere Resources Finland Oy. Belvedere management have worked relentlessly over the last 9-12 months in an attempt to secure new funding and negotiate with major creditors and other parties to enable Belvedere Mining Oy to continue to exist through this prolonged downturn in metal prices. These initiatives have all proved unsuccessful and as there is no foreseeable way for the Company to generate revenues in the short term or to re-capitalise; the board of Belvedere Mining Oy has instructed management to initiate proceedings for voluntary bankruptcy immediately. 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.
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Belvedere Resources Ltd.
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DEVELOPMENT STAGE |
CODE : BEL.V |
ISIN : CA0809031077 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Belvedere Res. is a nickel and copper exploration company based in Canada. Belvedere Res. develops nickel, copper and cobalt in Finland, and holds various exploration projects in Finland. Its main assets in development are HAUTALAMPI and HITURA in Finland and its main exploration properties are LUIKONLAHTI MILL, HIRSIKANGAS, HAARAKUMPU, VALKEISENRANTA, SAHAKOSKI, OSIKONMÄKI, SARKINIEMI, KIIMALA, RANTASALMI and MÄNTYMÄKI in Finland. Belvedere Res. is listed in Canada. Its market capitalisation is CA$ 60.6 millions as of today (US$ 46.7 millions, € 39.7 millions). Its stock quote reached its highest recent level on June 13, 1997 at CA$ 9.99, and its lowest recent point on January 01, 2016 at CA$ 0.01. Belvedere Res. has 73 904 013 shares outstanding. |