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Bravada Announces Increase to Equity Financing
Vancouver, British Columbia--(Newsfile Corp. - October 31, 2017) - Bravada Gold Corporation ...
About this update from Bravada Gold Corporation
[{"type":"text","content":"Bravada Announces Increase to Equity FinancingVancouver, British Columbia--(Newsfile Corp. - October 31, 2017) - Bravada Gold Corporation (TSXV: BVA) (OTCQB: BGAVF) (the \"Company\" or \"Bravada\") announces that it is increasing the recently announced private placement from $500,000 to $800,000. The Company now plans to issue up to 8,000,000 units (\"Units\") in the non-brokered private placement at a price of $0.10 per Unit to raise $800,000. 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: a) to drill 2-3 proof-of-concept holes at the Wind Mountain property to test for high-grade \"Hishikari-type\" gold-silver mineralization at the unconformity between Mesozoic metasediments & Tertiary volcanic rocks; and b) for working capital. 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.About Wind MountainThe Wind Mountain Property is in northwestern Nevada approximately 160km northeast of Reno in a sparsely populated region with excellent logistics, including county-maintained road access and a power line to the property. It is an historic past-producing, bulk-tonnage gold-silver mine. An independent resource estimate and Preliminary Economic Evaluation for Wind Mountain commissioned by Bravada in 2012 reported:570,000 ounces of gold and 14.7 million ounces of silver in the Indicated category, and 354,000 ounces of gold and 10.1 million ounces of silver in the Inferred category. See the table below and news release NR-06-12 dated April 11, 2012 for details of the resource update. Mineral resources that are not mineral reserves do not have demonstrated economic viability. Inferred resources are considered too speculative geologically to have economic considerations applied to them that would enable them to be classified as mineral reserves. There is no assurance that any part of the resources will ultimately be converted to mineral reserves.   Tons oz Au/T oz Ag/T Tonnes gms Au/T gms Ag/T oz Au o...