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Bravada Announces Equity Financing
Vancouver, British Columbia--(Newsfile Corp. - April 15, 2019) - Bravada Gold Corporation &#x...
About this update from Bravada Gold Corporation
[{"type":"text","content":"Bravada Announces Equity FinancingVancouver, British Columbia--(Newsfile Corp. - April 15, 2019) - Bravada Gold Corporation (TSXV: BVA) (OTCQB: BGAVF) (FSE: BRTN) (the \"Company\" or \"Bravada\") plans to issue up to 10,000,000 units (\"Units\") in a non-brokered private placement at a price of $0.07 per Unit to raise $700,000. 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 four years at an exercise price of $0.12 per share. 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. 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.Bravada will make a provision for an over-allotment option (Greenshoe) to allow a purchase of up to 10% additional units beyond the number of units in this Offering. Finders' fees and commissions may be paid by the Company in relation to the units sold in this Offering.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 t...