Belgravia Hartford Capital Inc. (OTCMKTS:BLGVF) has announced the acquisition of 2 million units of Blackrock Gold Corp per a private placement.
Belgravia acquires Blackrock common shares worth $400,000
The investment company purchased the units at $0.20 per unit for around $400,000. Each unit comprises one common share as well as a one-half common share purchase warrant of Blackrock. The warrants entitle the holder to purchase additional common shares at an exercise price of $0.30 for each share until January 30, 2022.
The common shares purchased by Belgravia Hartford represent around 3% of the outstanding and issued common stock of Blackrock Gold. Belgravia CEO and President Mehdi Azodi indicated that the company was confident in the executive leadership of Blackrock Gold and also due diligence supports the development of the Nevada Silver Cloud Project.
The chairman of Belgravia’s Board John Stubbs stated that recently Blackrock reported positive drilling results from the Silver Cloud project in Nevada. Therefore that underscores the need to undertake more work to further advance operations in Nevada.
Before the acquisition, Belgravia was holding around 9.78 million common shares of Blackrock Gold as well as 2.64 million warrants for a total estimated beneficial ownership of around 12.42 million Blackrock Gold common shares that represent 18.9% of the company’s outstanding shares.
Belgravia to hold 22.2% in Blackrock Gold
Following the completion of the latest private placement, Belgravia now owns 11.78 million common shares, which represent around 17.8% of the outstanding and issued common stock, including warrants to acquire 3.64 million Blackrock Gold common shares. If Belgravia was to exercise the warrants, then it would hold 15.42 million common shares representing 22.2% stake in Blackrock Gold. This will be a 2% decrease relative to the previous expected beneficial holding was 24%.
The company acquired the common stock for investment purposes. According to the agreement, Belgravia will, from time to time, increase or decrease its ownerships depending on the market and other conditions. Equally, it can excise control or direction over Blackrock Gold securities through private agreements, market transaction, or otherwise.