Bravada Closes Oversubscribed Equity Financing
Bravada Closes Oversubscribed Equity Financing
Vancouver, British Columbia--(Newsfile Corp. - July 18, 2019) -
Bravada Gold Corporation
(TSXV: BVA) (FSE: BRTN)
(OTCQB: BGAVF) (the "Company" or "Bravada") announces that it has closed the final tranche of its previously announced non-
brokered private placement for total gross proceeds from all tranches of $900,000 through the issuance of 12,857,142 units of
the Company at a price of $0.07 per unit. The original $700,000 offering, previously announced on April 15, 2019, was
oversubscribed and with the approval of the TSX Venture Exchange was increased to a maximum of $900,000. Each unit
consists of one common share of the Company and one common share purchase warrant. Each warrant entitles the holder
thereof to purchase a common share at an exercise price of $0.12 for a period of four years following the closing of the offering.
Securities issued pursuant to the private placement, including common shares and share purchase warrants, carry a legend
restricting trading of the securities for a period of four months and a day on closing for each of the two tranches. Finders' fees
and commissions may be paid by the Company in relation to the units sold in this offering.
Net proceeds from the private placement will be used for exploration costs of, in order of priority, 1) an initial drilling program on
the SF property, 2) geophysical testing at Wind Mountain, 3) property maintenance fees, permitting fees and associated
ancillary costs, and 4) certain accounts payable and working capital.
The SF mineral property is located in a prolific mineral district ~6km from Barrick's Goldrush deposit. The target is in the same
host rocks and structural setting, providing the Company with a relatively low-risk discovery play in the Cortez district where three
of the largest Carlin-type gold deposits have been discovered in Nevada during the previous three decades. An initial RC drilling
program is currently underway at the SF project.
Geological and geophysical work to be conducted on the Wind Mountain project will firm up the drill sites to test the feeder
target. Other longer-term potential sources of funding will be derived from exercise of warrants and options as well as royalty
payments receivable by Bravada from Baker Hughes' barite mine anticipated to begin in Q1/Q2, 2020 from the Shoshone
Pediment property.
President Joe Kizis commented,
"Bravada has been acquiring and developing exploration properties in Nevada since 2002,
constantly evaluating exploration results and optimizing its portfolio. The Company currently has eleven high-quality
exploration and development projects. During this period Bravada outlined a significant gold and silver resource with a
positive PEA at
Wind Mountain
. We feel the property has much more upside potential, particularly at the Feeder target
where planned geophysics should further refine for drilling this potentially richest portion of the property.
The
SF
property, located in one of the most productive gold regions of Nevada, has a similar geological setting to some of
the largest gold deposits discovered during the past few decades, providing an excellent risk/reward opportunity for
exploration dollars. Importantly, discoveries in Nevada command a higher premium than discoveries in many parts of the
world, as recognized by the Fraser Institutes' most recent ranking that Nevada is the Most Attractive Mining Jurisdiction in 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. The Company has successfully identified and advanced properties that have the potential to host high-margin
deposits while successfully attracting partners to fund later stages of project development. With the addition of OceanaGold's
option of Highland, four of Bravada's eleven 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 the Company has significant upside potential from possible new discoveries at its
exploration properties, most of which host encouraging drill intercepts of gold and which already have drill targets developed by
the Company.
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On behalf of the Board of Directors of Bravada Gold Corporation
"Joseph A. Kizis, Jr."
Joseph A. Kizis, Jr., Director, President, Bravada Gold Corporation
For further information, please visit Bravada Gold Corporation's website at
bravadagold.com
or contact the Company at
604.684.9384 or 775.746.3780.
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.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/46340