Business
Bravada Announces Financing; Comments on Business Model
Vancouver, British Columbia--(Newsfile Corp. - May 8, 2020) - Bravada Gold Corporation (TSXV...
About this update from Bravada Gold Corporation
[{"type":"text","content":"Bravada Announces Financing; Comments on Business ModelVancouver, British Columbia--(Newsfile Corp. - May 8, 2020) - Bravada Gold Corporation (TSXV: BVA) (OTCQB: BGAVF) (\"Bravada\" or \"Company\") plans to issue up to 7,500,000 units (\"Units\") in a non-brokered private placement at a price of $0.08 per Unit to raise $600,000. 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 three years at an exercise price of $0.15 per share. Net proceeds from the private placement will be used for certain accounts payable inclusive of sustaining fees for the Company's Nevada based claims and for working capital. President Joe Kizis commented, \"Bravada and its predecessor companies have utilized a modified \"Prospect Generator\" business model since 2005. During that time, the Company signed 32 earn-in joint-venture agreements for its properties with 19 publicly traded companies, as well as a similar number of property-acquisition agreements with private individuals. We maintain an exclusive focus on Nevada, one of the most attractive gold-producing areas of the World. Our approach has been to develop drill targets on properties that have the potential to become large, high-margin gold and silver deposits and to offer those developed targets for joint-venture to partners that will fund and conduct drill testing and other project advancements. Bravada currently has 10 projects in its portfolio, consisting of 764 claims for approximately 6,100 ha in two of Nevada's most prolific gold trends.\"\"During favorable market periods, the Company has conducted drilling on specific targets either for enhancement of the project's value or for proof-of-concept verification. Using this approach, Bravada has tested extensively 24 projects while also evaluating countless properties for potential acquisition. The result is that the Company's property portfolio includes a significant shallow, oxide gold resource with a positive PEA at its 100%-owned Wind Mountain Project and discoveries of previously unknown, partially delineated gold/silver mineralization at several other properties (e.g. the Baxter project and the East Manhattan project). Projects that did not meet our criteria after testing were either dropped or sold to companies for a retained ...