CALGARY, Alberta--(BUSINESS WIRE)--Belgrave Resources Ltd. (BELG:G4) announces that it has temporarily suspended activity of its listing on the GXG First Quote market. The Company has taken this action to protect the general public.
Belgrave Resources Ltd. has recently been made aware of a brokerage firm, reportedly operating in South East Asia, marketing Belgrave's stock to individual investors using manifestly misleading and erroneous projections of Belgrave's future prospects. At this time, no brokerage firm has been authorized by Belgrave Resources Ltd. to represent the Company in any manner.
Belgrave Resources Ltd. is preparing to test its proprietary ZEDAI oil recovery technology in China. However, the company is experiencing challenges raising needed capital to continue its operations.
Belgrave Resources Ltd. will continue suspension of its listing while this matter is being investigated.
About Belgrave Resources Ltd
Belgrave Resources Ltd. is a Canadian-based junior oil company. Its primary focus is the application of proprietary and high-impact enhanced oil recovery technologies to increase oil and gas production, improve recovery and add reserves. Belgrave’s patent-pending and trademarked process (“ZEDAITM”) is a strategically engineered and sustainable technology. It is designed to recover an additional 50% of the oil remaining in watered-out high-relief light-oil pools. This recovery efficiency implies that the current light oil reserves in Alberta, Canada could be increased 200% or by an additional 2 billion barrels. The company will acquire mature light-oil pools in Alberta that are approaching the end of their economic life based on current technology being implemented. Management has already identified several asset leads. Belgrave will apply its proprietary ZEDAITM technology on a pilot or modular basis in one representative pool to limit capital requirement, demonstrate improvement in oil production rate and recovery factor, and improve the reserve classification of the analogous pools. The company also intends to pursue carried and working interest opportunities through technology licensing agreements, globally.
Safe Harbor for Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and section 21B of the Securities and Exchange Act of 1934, as amended. Readers are cautioned not place undue reliance on these forward-looking statements, which are only predictions and only speak as of the date hereof. Forward-looking statements usually contain the words "estimate," "anticipate," "believe," "plan," "expect," or similar expressions and are subject to numerous known and unknown risks and uncertainties. These risks and uncertainties could cause the Company's actual results to differ materially from those indicated in the forward-looking statements.
Investors are encouraged to carefully review regulatory filings prior to investment consideration. Past performance is no guarantee of future success or that there cannot be losses or business interruption. The Company is in a rapid growth sector that may or may not continue to grow in the future and therefore poses risks that may be different than other investments. Management regularly provides news and additional information believed to be true and accurate at the time of dissemination but has no requirement to modify, comment or change in the future should circumstance change or information prove to be inaccurate for any reason. Additionally, the Company makes every effort to comply with all applicable laws.