Bravada Cancels Previously Announced Financing; Announces New Non-Brokered Private Placement; Drilling Planned at Highland Project & Exploration Programs on SF/HC and Gabel Properties, Nevada in 2024
Bravada Cancels Previously Announced
Financing; Announces New Non-Brokered
Private Placement; Drilling Planned at
Highland Project & Exploration Programs on
SF/HC and Gabel Properties, Nevada in 2024
Vancouver, British Columbia--(Newsfile Corp. - September 29, 2023) -
Bravada Gold
Corporation (TSXV: BVA) (FSE: BRTN) (OTCQB: BGAVF)
("Bravada" or "Company") reports that
further to the Company's news release dated July 20, 2023, it will not be proceeding with the non-
brokered private placement of up to 24,000,000 units at a price of $0.05 per unit for gross proceeds of
$1.2M.
The Company also announces that it now plans to issue up to 15,000,000 units ("Units") in a non-
brokered private placement at a price of $0.035 per Unit for gross proceeds of $525,000 (the
"Offering"). 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 $0.05 per share. The Company will make provision for an over-allotment option (Greenshoe) to
allow a purchase of up to 10% additional Units beyond the number of Units in this private placement.
Based on successfully completing the Offering, funds are planned to be used as follows:
Exploration and Land Costs - approximately 40%, with 8% payable to non-arm's length parties;
and
General working capital - approximately 60%, with 17% payable to non-arm's length parties.
No amounts are proposed to be spent on investor relations activities.
Subject to further financing, the Company is planning a 2024 exploration program which will include
drilling approximately 2,600 metres in 15 holes at the Highland low-sulfidation-type project. The property
consists of 192 Federal lode claims (~1,500 hectares) located within the prolific Walker Lane Gold belt,
where large gold/silver discoveries continue to be made increasingly beneath "barren" surface
alteration. Previous drilling by Bravada intersected vein zones with high-grade intercepts, confirming the
potentially productive nature of the system. The Company's best hole, H02013, intersected 1.5 meters
(m) of 66.9 grams of gold per ton (g/t) and 397.7g/t silver within a 12.2m intercept of 9.5g/t gold and
109.4g/t silver (previously announced, true thicknesses estimated at 65% of the intervals). A thin layer of
alluvial gravel covers much of the property and several targets have been identified that have not been
previously tested with drilling.
Highland is a large property with multiple "hot spots" of high-grade gold at surface. Widespread samples
of float, outcrop, and soils collected at the Big Hammer target, for example, contain anomalous gold and
pathfinder geochemistry, with values ranging from 0.1g/t to 1.0/g/t Au, with a maximum of 15g/t Au.
Minimal erosion indicates undiscovered high-grade vein deposits will be preserved in their entirety.
President Joe Kizis comments,
"Despite years of major gold production, Nevada continues to produce
excellent new gold/silver discoveries, many in areas previously thought to be completely explored or
beneath altered rock that does not contain anomalous gold concentrations. Recent examples are
Hecla's discovery in December 2020 of the Green Racer deposit beneath barren sinter on their Midas
property, a Nevada mining operation placed in production 23 years ago and Anglo Ashanti's Silicon
multi-million-ounce gold discovery well beneath barren alteration announced in 2022."
Additional geologic mapping, soil sampling, and geophysics are also being planned to refine drill targets
on the SF/HC property and the Gabel property, both Carlin-type properties adjacent to new gold
discoveries in the Battle Mountain-Eureka Gold belt. Permitting is anticipated after integration of that
data with drilling later in 2024.
The Company may pay finders' fees comprised of cash and non-transferable warrants in connection with
the Offering, subject to compliance with the policies of the TSX Venture Exchange. All securities issued
and sold under the Offering will be subject to a hold period expiring four months and one day from their
date of issuance. Completion of the Offering and the payment of any finders' fees remain subject to the
receipt of all necessary regulatory approvals, including the approval of the TSX Venture Exchange.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the
securities in the United States of America. The securities have not been and will not be registered under
the United States Securities Act of 1933 (the "1933 Act") or any state securities laws and may not be
offered or sold within the United States or to U.S. Persons (as defined in the 1933 Act) unless registered
under the 1933 Act and applicable state securities laws, or an exemption from such registration is
available.
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. Bravada's value is underpinned by a substantial gold and silver resource with a positive
PEA at Wind Mountain, and the Company has significant upside potential from possible new
discoveries at its exploration properties.
Since 2005, the Company has signed 33 earn-in joint-venture agreements for its properties with 20
publicly traded companies, as well as a similar number of property-acquisition agreements with private
individuals. Bravada currently has 10 projects in its portfolio, consisting of 810 claims for approximately
6,500 ha in two of Nevada's most prolific gold trends. Most of the projects host encouraging drill
intercepts of gold and already have drill targets developed. Several videos are available on the
Company's website that describe Bravada's major properties, answering commonly asked investor
questions. Simply click on this link
https://bravadagold.com/projects/project-videos/
.
Joseph Anthony Kizis, Jr. (AIPG CPG-11513) 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
; or contact
us at 604.641.2759 or by email at
.
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 the amount of the
Offering and completion of the Offering, 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 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/182375