BELGRAVIA CAPITAL corporate update
TORONTO, Oct. 17, 2018 (GLOBE NEWSWIRE) -- BELGRAVIA CAPITAL INTERNATIONAL INC. (CSE: BLGV) (OTCQB: BLGVF) ("Belgravia" or the "Company") is committed to good corporate governance and believes it helps companies operate more efficiently, improves access to capital and mitigates business risks. Belgravia intends to operate in an accountable and transparent fashion and, to that end, is pleased to provide the following corporate update on a number of key strategic initiatives as well as recent corporate and financial developments.
Management Changes
Belgravia is pleased to announce the promotion of Mr. Kevin Strong to the position of Director, Corporate Development to provide financial and governance oversight for the Company's growing Incubator and Royalty & Management divisions. Kevin will work directly with select investee companies on certain finance mandates. In his place, Belgravia has appointed Mr. Paul Kania to assume the position of Chief Financial Officer. Paul is a Certified Public Accountant and has over twelve years' experience in finance and accounting, including a senior role at Brookfield Asset Management in New York.
Warrant Amendment
Belgravia will modify the terms of certain share purchase warrants set to expire January 10, 2019. Of this series, 121,430,000 are held by non-insiders and are exercisable at $0.18. The date of expiration has been extended to May 10, 2019 and the exercise price has been reduced to $0.06.
In accordance with the policies of the Canadian Securities Exchange, the terms of only 9.37% of the warrants held by insiders are being amended. The extension and price reduction will not apply to the 3,649,200 broker warrants issued on January 10, 2018. The expiration of all warrants will be accelerated to 30 days if the share price reaches or exceeds $0.08 for ten consecutive trading days ("Acceleration Trigger"), with such 30-day period starting seven-days after the Acceleration Trigger. All other terms of the Warrants remain unchanged.
Advance Notice By-Law Amendment
The Advance Notice By-Law of the Company was approved and ratified by shareholders on June 28, 2013. Effective October 17, 2018, the board of directors approved certain amendments to the Company's Advance Notice By-Law No. 1. The purpose of the Advance Notice By-law is to ensure that an orderly nomination process for directors of the Company is observed, that Shareholders are well-informed about the identity, intentions and credentials of director nominees and that Shareholders vote in an informed manner after having been afforded reasonable time for appropriate deliberation. The amendment to the Company's Advance Notice By-Law No. 1 is effective as of the date it was approved by the board of directors and will be placed before shareholders for ratification and confirmation at the next meeting of shareholders.
Shareholder Rights Plan
Effective October 17, 2018, the board of directors approved a shareholder rights plan of the Company with Computershare Investor Services Inc. as rights agent ("Shareholder Rights Plan"). The Shareholder Rights Plan is intended to protect the Company and its shareholders from unfair or coercive takeover bids or acquisition control tactics and to provide the board of directors with adequate time to consider the best path forward to maximize shareholder long-term value. The Shareholder Rights Plan will also help ensure fair and equal treatment of all shareholders in connection with any takeover bid or similar proposal to acquire shares in the capital of the Company. The Shareholder Rights Plan is effective as approved and ratified by the board of directors as of October 17, 2018 and will be placed before shareholders for ratification and confirmation at the next meeting of shareholders.
About Belgravia
Belgravia Capital International Inc. is focused on three core business divisions: Incubator, Investments, and Royalty & Management Services. The three divisions of Belgravia are high risk business ventures and expose shareholders to financial risks. The Incubator division provides capital to support the development of early stage companies in the Biotech/Healthcare, Technology, Resources and Medical sectors. Belgravia Holdings, the Investments division, invests in various private and public companies with a focus on value. Belgravia Royalty & Management Services has a royalty and fee income model. Further, the cash and investment asset base provides capital to support expansion on a selective basis.
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 Capital International Inc.
(416) 779-3268
[email protected]
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