Bravada Gold Closes Oversubscribed Equity Financing
TSX VENTURE: BVA
Vancouver, British Columbia--(Newsfile Corp. - July 23, 2018) - Bravada Gold Corporation (TSXV: BVA) (OTCQB: BGAVF) (FSE: BRTN) (the "Company" or "Bravada") announces that the previously announced $480,000 non-brokered private placement has been oversubscribed and Bravada will now issue 6,584,000 units ("Units") in a non-brokered private placement at a price of $0.08 per Unit for gross proceeds of $526,720. Each Unit consists of one common share and one share purchase warrant, with each warrant exercisable to purchase one additional common share for a period of four years at an exercise price of $0.12 per share. Securities issued pursuant to this private placement, including common shares and share purchase warrants, carry a legend restricting trading of the securities until November 24, 2018.
Net proceeds from the private placement will be used for property maintenance fees, permitting fees and associated ancillary costs as well as accounts payable and for working capital. Finders' fees and commissions will be paid by the Company in relation to the units sold in this Offering.
President Joe Kizis commented, "This quick, oversold financing demonstrates staunch support for the Company by our significant shareholders and places Bravada in an enviable position of maintaining its portfolio of high-quality exploration/development projects in Nevada, one of the world's most prolific and attractive gold-mining regions. Bravada owns or controls 1,169 lode mining claims (approximately 9,460 hectares or 23,380 acres or 36 square miles) and has developed attractive drill-ready targets on most of its properties. Permitting has been completed to drill test those targets at Wind Mountain and, subject to posting of bonds, at Quito, SF, and East Manhattan. Consequently, there is strong interest in the Company's eight projects that are still available for joint venture."
Bravada is an exploration company with a portfolio of high-quality properties in Nevada, one of the best mining jurisdictions in the world. During the past 12 years 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. Currently, three of Bravada's eleven Nevada properties are being funded by partners. As well, there are no NSR-type royalties to vendors that cannot be significantly reduced. Bravada's value is underpinned by a significant 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 significant drill intercepts of gold and which have drill targets developed by the Company.
On behalf of the Board of Directors of Bravada Gold Corporation
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.