Bravada Increases Previously Announced Oversubscribed Equity Financing; Geophysical Survey Commences at Highland Project
Vancouver, British Columbia--(Newsfile Corp. - July 8, 2019) - Bravada Gold Corporation (TSXV: BVA) ("the Company") reports that it has received Exchange approval to increase the oversubscription amount for the previously announced private placement from Cdn$870,000 to Cdn$900,000. The Company now plans to issue up to 12,857,142 units ("Units") in the non-brokered private placement at a price of $0.07 per Unit for gross proceeds of Cdn$900,000.
The Company announced (May 13th, 2019) that it has closed a first tranche of the private placement by issuing 8,105,000 units ("Units") for gross proceeds of $567,350.
The unit offering, which was initially announced on April 15th, 2019 consists of one share of common stock of the Company and one common share purchase warrant, with each Warrant exercisable to acquire an additional share of common stock of the Company at a price of $0.12 per share for a period of four years.
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. Finders' fees and commissions may be paid by the Company in relation to the units sold in this Offering.
In other news, OceanaGold has provided Bravada with an update for field work at the Highland project, a low-sulfidation-type gold/silver property in western Nevada. Approximately 1,400 soil samples have been collected and currently underway is approximately 35 line-kilometers of CSAMT geophysics; see NR-03-19 for details of the US$400,000+ work program. OceanaGold may earn up to a 75% interest in the property from Bravada by work and other expenditures of US$10 million (see NR-09-18 for details of the agreement).
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.
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.
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