Bravada Announces Financing; Comments on Business Model
Bravada Announces Financing; Comments on Business
Model
Vancouver, British Columbia--(Newsfile Corp. - May 8, 2020) -
Bravada Gold Corporation
(TSXV: BVA) (OTCQB: BGAVF)
("Bravada" or "Company") plans to issue up to 7,500,000 units ("Units") in a non-brokered private placement at a price of $0.08
per Unit to raise $600,000. Each Unit will consist of one common share and one share purchase warrant, with each warrant
exercisable to purchase one additional common share for a period of three years at an exercise price of $0.15 per share.
Net proceeds from the private placement will be used for certain accounts payable inclusive of sustaining fees for the
Company's Nevada based claims and for working capital.
President Joe Kizis commented,
"Bravada and its predecessor companies have utilized a modified
"Prospect Generator"
business model since 2005. During that time, the Company signed 32 earn-in joint-venture agreements for its properties with
19 publicly traded companies, as well as a similar number of property-acquisition agreements with private individuals. We
maintain an exclusive focus on Nevada, one of the most attractive gold-producing areas of the World. Our approach has
been to develop drill targets on properties that have the potential to become large, high-margin gold and silver deposits and
to offer those developed targets for joint-venture to partners that will fund and conduct drill testing and other project
advancements. Bravada currently has 10 projects in its portfolio, consisting of 764 claims for approximately 6,100 ha in two of
Nevada's most prolific gold trends."
"During favorable market periods, the Company has conducted drilling on specific targets either for enhancement of the
project's value or for proof-of-concept verification. Using this approach, Bravada has tested extensively 24 projects while also
evaluating countless properties for potential acquisition. The result is that the Company's property portfolio includes a
significant shallow, oxide gold resource with a positive PEA at its 100%-owned
Wind Mountain Project
and discoveries of
previously unknown, partially delineated gold/silver mineralization at several other properties (e.g. the
Baxter project
and
the
East Manhattan project
). Projects that did not meet our criteria after testing were either dropped or sold to companies for a
retained royalty (e.g. the
Shoshone barite project
and the
South Lone Mountain zinc project
)."
"The
Highland gold/silver project
, located in Nevada's Walker Lane gold trend, is an example of our approach. The
Company conducted limited drilling after acquiring an option on the property from local geologists and intersected attractive
gold and silver grades that then attracted a series of companies that advanced the property further via earn-in agreements.
Bravada recently announced commencement of its 2020 exploration program, which will be conducted by Bravada and
funded by Option/Joint-Venture partner
OceanaGold US Holdings Inc. ("OceanaGold")
, a wholly owned subsidiary of
OceanaGold Corp.
The program consists of minor additional field work to firm up drill sites, followed by permitting and an
initial drilling program on one of the new targets. Drilling is expected to begin in late August or early September, subject to
safety restrictions related to the COVID-19 pandemic.
OceanaGold may earn up to a 75% interest in the Project after
expenditures of
US$10
million
after which Bravada will participate in joint-venture exploration and development on a 75/25%
basis (for details, see News Release NR-09-18, December 20, 2018)."
"The current financing allows Bravada funding to continue an approach that we feel will substantially increase shareholder
value as market conditions improve with a rising gold price and as the merits of major new discoveries in Nevada are
appreciated relative to those in less stable parts of the world."
About Bravada
Bravada is an exploration company with a portfolio of high-quality properties in Nevada, one of the best mining jurisdictions in
the world. Bravada has successfully identified and advanced properties with the potential to host high-margin deposits while
successfully attracting partners to fund later stages of project development. Three of Bravada's ten Nevada properties are being
funded by partners. As well, there are no NSR-type royalties to vendors that cannot be reduced. Bravada's value is underpinned
by a substantial gold and silver resource with a positive PEA at Wind Mountain and has significant upside potential from
possible new discoveries at its exploration properties, most of which host encouraging drill intercepts of gold and already have
drill targets developed.
About OceanaGold
OceanaGold is a multinational gold producer with global operating, development and exploration experience.
OceanaGold is committed to the highest standards of technical, environmental and social performance and is continuously
working to innovate and improve the way we explore, extract and process minerals. Operating assets include: the Didipio Mine
on Luzon Island in the Philippines, the Macraes Operations in the South Island of New Zealand, the Waihi Operation in the North
Island of New Zealand and Haile Gold Mine in South Carolina, United States of America.
OceanaGold has a significant pipeline of organic growth and exploration opportunities in the Americas and Asia-Pacific, and a
track record for converting discoveries into production.
Joseph Anthony Kizis, Jr. (AIPG CPG-11513, Wyoming PG-2576) is the qualified person responsible for reviewing and
preparing the technical data presented in this release and has approved its disclosure.
On behalf of the Board of Directors
Joseph A. Kizis, Jr., Director, President, Bravada Gold Corporation
For further information, please visit Bravada Gold Corporation's website at
bravadagold.com
.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release may contain forward-looking statements including, but not limited to comments regarding the timing and
content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery
processes, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and
uncertainties. Actual results may differ materially from those currently anticipated in such statements. These statements are
based on a number of assumptions, including, but not limited to, assumptions regarding general economic conditions,
interest rates, commodity markets, regulatory and governmental approvals for the company's projects, and the availability of
financing for the company's development projects on reasonable terms. Factors that could cause actual results to differ
materially from those in forward-looking statements include market prices, exploitation and exploration successes, the timing
and receipt of government and regulatory approvals, and continued availability of capital and financing and general
economic, market or business conditions. Bravada Gold Corporation does not assume any obligation to update or revise its
forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent required by
applicable law.
This news release is intended for distribution in Canada only and is not intended for distribution to United States
newswire services or dissemination in the United States.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/55534