Mr. Rufus Round reports

BELVEDERE ANNOUNCES BROKERED PRIVATE PLACEMENT IN CONNECTION WITH PROPOSED CHANGE OF BUSINESS TO BECOME BLOCKCHAIN TECHNOLOGY COMPANY

Belvedere Resources Ltd. has engaged Canaccord Genuity Corp. to act as agent on a commercially reasonable efforts basis in connection with a proposed brokered private placement of 641,025 subscription receipts of the company at a price of 78 cents per subscription receipt for gross proceeds of $500,000.

The brokered private placement is being completed in conjunction with the previously announced proposed change of business pursuant to the policies of the TSX Venture Exchange, with the result that the company will become a blockchain technology company, listed on the exchange.

Each subscription receipt will entitle the holder to receive, without further consideration or action, one common share of the company, upon satisfaction of certain release conditions, including the satisfaction of applicable conditions precedent of the COB transaction. The gross proceeds from the sale of the subscription receipts will be held in escrow pending the completion of the COB transaction, unless the exchange grants a waiver for earlier release of such escrow. If the COB transaction is not completed by Oct. 31, 2018, holders of the subscription receipts will be entitled to receive the full purchase price of their subscription receipts, together with their pro rata share of interest earned thereon.

The brokered private placement is expected to close in Q3 2018, however, completion is subject to certain conditions, including approval of the exchange. All of the securities of the company issued in connection with the conversion of the subscription receipts will be subject to a hold period of four months and a day.

The net proceeds of the brokered private placement will be used with a view to developing the business of the company resulting from the COB transaction and for general working capital purposes.

In connection with the brokered private placement, Canaccord is to receive as compensation: (i) a corporate finance fee of $50,000 plus applicable taxes; (ii) a financial advisory fee of $10,000 plus applicable taxes; and (iii) a cash commission of 5 per cent of the gross proceeds raised pursuant to the brokered private placement.

See the company's press release dated June 13, 2018, for further information regarding the COB transaction. The company will issue additional press releases related to the COB transaction, financing terms, sponsorship, the names and background of other proposed management and directors of the company, its proposed name change, and other material information as it becomes available.

We seek Safe Harbor.