Bravada Gold Corporation Closes First Tranche of Non-Brokered Private Placement
TSX VENTURE: BVA
Vancouver, British Columbia--(Newsfile Corp. - May 13, 2019) - Bravada Gold Corporation (TSXV: BVA) (OTCQB: BGAVF) (FSE: BRTN) (the "Company" or "Bravada") announces that the Company has closed the first tranche of its previously reported non-brokered private placement by issuing 8,105,000 units at a price of $0.07 per unit for gross proceeds of $567,350. Each unit consists of one common share and one share purchase 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 tranche of the private placement, including common shares and share purchase warrants carry a legend restricting trading of the securities until September 14, 2019. 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.
President Joe Kizis commented, "Closing this first tranche now allows Bravada to post our permit bond, purchase drill supplies, and construct drill sites for our upcoming program at SF. A reverse-circulation drill rig is scheduled to arrive in late June. SF is a Carlin-type exploration property located approximately 6km east of the large and high-grade Goldrush deposit, which is being developed by Barrick. The host rocks and structural setting at SF are similar to Goldrush. We expect the final tranche to close soon."
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.