Toronto, Ontario--(Newsfile Corp. - January 9, 2024) - BELGRAVIA HARTFORD CAPITAL INC. (CSE: BLGV) ("Belgravia Hartford", "Belgravia" or the "Company") is providing a corporate update on the following matters:
Zonetail - (TSXV: ZONE)
After analyzing the various attempts by Zonetail to raise capital for the last 18 months Belgravia came to the realization that the outstanding debt of $325,000 with the 18% interest which Belgravia provided to Zonetail cannot be paid back. Belgravia provided a full summary of the investments and events on December 21st, 2022. On September 20th, 2023, at the request of Belgravia, the management of both companies met to amicably discuss a resolution and path going forward. In 2018 after a series of equity investments, Belgravia provided Zonetail with a timely loan of $325,000 in good faith at the frequent request of Zonetail's management. Belgravia at the request of Zonetail extended the debt out one full year in order to ensure the public listing of Zonetail remained on schedule which benefited all shareholders and stakeholders. After a series of equity investments in 2018 Belgravia had committed $876,600 and lost the majority of its holding value due to the performance of Zonetail while listed on the TSX-V. In addition, Belgravia made available numerous professional staff to provide timely corporate governance, administrative assistance and further guidance to ensure the public listing of Zonetail remains on schedule. Belgravia has agreed to write off the loan and drop litigation vs Zonetail. In return the claim against Belgravia will also be dropped.
Tartisan Nickel - (CSE: TN)
Belgravia will no longer seek to nominate a director to the board of Tartisan and will not seek to collect any amounts in connection to the management service agreement. Belgravia's claim against Tartisan and D. Mark Appleby and Tartisan's counterclaim have been dismissed.
Mehdi Azodi CEO of Belgravia stated, " We wish only the best for the shareholders of Zonetail and Tartisan and their respected management teams in executing their business strategy for prosperous and successful years ahead."
Litigation vs PolyNatura:
Belgravia will now fully direct its efforts and working capital on monetizing the $12,200,000 USD royalty from the Ochoa asset. Belgravia announced in December it would provide an update on the litigation matter against PolyNatura a company controlled by Cartesian Capital and it will in due course. In addition to Mr. Spencer Edelman at the law firm of Modrall, Sperling to manage this claim, Belgravia has also retained FTI Consulting.
About Belgravia Hartford
Belgravia Hartford Capital Inc. ("Belgravia" or the "Company") is a publicly traded investment holding company listed on the Canadian Securities Exchange. Belgravia is focused on growing its assets and holdings and increasing its net asset value (NAV). Belgravia invests in a portfolio of private and public companies located in jurisdictions governed by the rule of law. It takes a multi-sector investment approach with emphasis in the resources and commodities sector. Belgravia and its investments are considered high risk holdings and it may expose shareholders to significant volatility and losses.
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 & CEO
Belgravia Hartford Capital Inc.
(250) 763-5533
mazodi@blgv.ca
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/193676
SOURCE: Belgravia Hartford Capital Inc
