BELGRAVIA CAPITAL INTERNATIONAL INC. (CSE:BLGV) (OTCQB:BLGVF)
(“Belgravia” or the “Company”) reports on the status of its legal
actions relating to protecting and enforcing the Company’s
interests in its investments.
Belgravia has taken legal actions against certain companies to
protect its investments and ensure it is compensated in accordance
with management agreements that were negotiated. Risks associated
with these investments are mitigated with these legal actions.
Tartisan Nickel (CSE:TN)
At present, the Company has taken the position to apply to the
Superior Court of Justice for Civil Matters in Ontario (the
“Superior Court”) for an order requiring the production of
Tartisan’s undertakings in connection with pre-trial discoveries.
The Company expects that this application will be upheld in the
Superior Court. In addition, and in order to progress this civil
action towards trial, if necessary, Belgravia has instructed its
legal counsel (Groia & Co.) to obtain a court mediation as soon
as possible. The Superior Court mediation is a required step before
trial although Belgravia expects that Tartisan will remain unable
to settle given its financial position and, accordingly, Belgravia
is proceeding against D. Mark Appleby personally.
In June 2018, a legal action was commenced in the Superior Court
by Belgravia. Certain facts had come to light which prompted the
decision to initiate a civil action against Tartisan Nickel Inc.
and D. Mark Appleby, the President of Tartisan. This action relates
to the activities of Appleby and his associates in regard to
negligent misrepresentation and breach of contract.
More than one year after commencement of the legal action, the
decision of the Superior Court to order Appleby to attend pre-trial
discoveries, after multiple delays, was upheld on August 29, 2019.
Belgravia continues to await Tartisan’s counsel to produce its
undertakings in connection with the pre-trial discoveries.
Counterintuitively, Tartisan has requested an examination date be
set for Mehdi Azodi, President & CEO of Belgravia, to which
Belgravia has agreed to and anxiously awaits. Ironically, this
examination date has also been delayed by Tartisan’s legal counsel.
To date, communication with Tartisan’s legal counsel responding on
behalf of Appleby, quite expectedly, has generated a continuous
process of obfuscation and avoidance. Belgravia has made numerous
attempts to connect with one of two of Tartisan’s independent board
members to bring resolution to this action with no response. The
Company firmly asserts that Tartisan does not wish to resolve this
civil action, which, based on discussions with its counsel and
advisors, Belgravia believes it will be successful in court.
At present, the Company, after making several attempts to
resolve the outstanding bridge loan amount owed to the Company, in
June 2019, Belgravia filed an Application for a Bankruptcy Order
against Zonetail Inc. in the Superior Court (Bankruptcy and
In July 2018, Zonetail engaged Belgravia and made several
misrepresentations in connection with its corporate mandate
soliciting a bridge loan from Belgravia in the amount of $325,000.
A promissory note was executed for payment in full of the short
term bridge loan upon completion of the Zonetail RTO in November
Most recently, Belgravia has instructed its legal counsel to
demand payment in full of the Company’s promissory note in the
amount of $325,000 on November 1, 2019. Belgravia is considering
taking additional legal action to recover such amounts owed.
Weekend Unlimited has a debt of $64,000 payable to Belgravia
that remains outstanding. The Company has made several requests for
payment seeking full and immediate payment of this aged receivable
as per the contractual obligation by Weekend Unlimited in
connection with the May 2018 agreement signed with R&D Pharma.
The Company awaits the definitive timeframe to be provided for
resolution of the Weekend Unlimited outstanding debt. Belgravia
remains a shareholder and owns 4,682,847 common shares of Weekend
During the period May to July 2019, Belgravia employees and
consultants provided certain management services which included
Corporate Governance, Corporate Secretarial, Chief Financial
Officer, and Controller to Avricore Health for which a balance
owing of $32,000 remains unpaid. Belgravia has been assured by the
Board of Directors of Avricore this outstanding debt will be
settled by the end of November 2019.
Belgravia Capital International Inc. is a publically traded
investment holding company which invests in public and private
companies in legal jurisdictions and under the rule of law.
Belgravia and its investments are high risk business ventures and
expose shareholders to financial risks. Belgravia Royalty &
Management Services has a royalty and fee income model. Further,
the cash and investment asset base provide capital to support
expansion on a selective basis.
For more information, please visit
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
For More Information, Please
Mehdi Azodi, President & CEOBelgravia
Capital International Inc.(416) 779-3268 email@example.com