Mr. David Pym reports

BELVEDERE CLOSES PRIVATE PLACEMENT

Belvedere Resources Ltd. has closed the second and final tranche of the non-brokered private placement announced in its news releases of Nov. 20, 2014, and Nov. 27, 2014, and has issued 6,419,285 common shares at a price of seven cents per share, for total gross proceeds of $449,350. In total, the company received gross proceeds of $1.5-million and issued 21,428,571 common shares in respect of the private placement.

A finder's fee of 3.2 per cent of gross proceeds of the private placement will be payable to SI Capital Ltd. in respect of the private placement, subject to TSX Venture Exchange acceptance.

Insiders of Belvedere have acquired securities under the private placement. Such participation is considered a related party transaction as defined under Multilateral Instrument 61-101. This transaction is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as neither the fair market value of the securities issued to or the consideration paid by such persons exceeds 25 per cent of Belvedere's market capitalization.

As previously disclosed, the net proceeds from the private placement will be applied to the general working capital of the company. The common shares issued in connection with this second tranche are subject to a hold period of four months and one day, expiring on May 28, 2015. The private placement is subject to acceptance and approval by the TSX Venture Exchange.