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Toronto, Ontario--(Newsfile Corp. - April 5, 2021) - BELGRAVIA HARTFORD CAPITAL INC. (CSE: BLGV) ("Belgravia Hartford", "Belgravia" or the "Company") provides the following corporate update.
Normal Course Issuer Bid ("NCIB")
Belgravia Hartford first initiated its NCIB on February 23, 2021, a stock buyback program whereby the Company repurchases its shares to lower the total number of securities outstanding. The Board of Directors of Belgravia Hartford believe that the market price of Belgravia's common shares do not reflect the underlying net asset value of it's holdings. Accordingly, the NCIB will enable Belgravia to reduce the issued and outstanding common shares of the Company.
As of March 31, 2021, the Company has purchased a total of 350,000 common shares at an average price of $.205 under the NCIB. The maximum number of common shares which may be purchased by Belgravia during the NCIB will not exceed 2,008,962 common shares, being approximately 5% of 40,179,248 (representing the number of issued and outstanding common shares as of March 8, 2021. See press release dated March 4, 2021). The Company has appointed Leede Jones Gable to coordinate and facilitate its NCIB purchases. The NCIB will terminate on the earlier of February 23, 2022 and the date on which the maximum number of Common Shares that can be acquired pursuant to the NCIB have been purchased.Core Holding Highlights:
Passive Holdings Updates:GameSquare Esports Inc. (CSE: GSQ)With the acquisition of Reciprocity Corp. by GameSquare, (announced by GameSquare on March 17, 2021), Belgravia now holds 930,376 common shares of the publicly-listed GSQ. Shares will be released from escrow as follows:
Bald Eagle Gold Corp. (formerly Wolf Acquisition Corp.) (TSXV: BIG)Belgravia now owns 2,680,000 common shares of Bald Eagle Gold Corp. as a result of the restructuring of CX One. Shares will be released form escrow as follows:
Zonetail (TSXV: Zone)
As announced March 18, 2021, Belgravia has served a motion for summary judgment to be heard in the Ontario Superior Court of Justice (Commercial List), seeking payment from Zonetail on its promissory note in the amount of $325,000 plus accumulating interest. The outstanding amount due is now at $408,045. Belgravia continues to hold 1,425,000 common shares of Zonetail.
Belgravia will provide a comprehensive update on the summary judgment and $2,850,000 counterclaim against Zonetail in April 2021.
About Belgravia Hartford
Belgravia Hartford Capital Inc. is a Canadian publically traded investment holding company which invests in public and private companies in legal jurisdictions and under the rule of law. Belgravia Hartford and its investment holdings are high risk business ventures and expose shareholders to financial risks.
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 & CEOBelgravia Hartford Capital Inc.(250) 763-5533[email protected]
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/79434
