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Bravada Closed First Tranche of Equity Financing
Vancouver, british Columbia--Bravada Gold Corporation (the "Company" or "Bravada") (TSX VENTURE:BVA) (FRANKFURT:BRT) has closed the first Tranche of its previou
About this update from Bravada Gold Corporation
[{"type":"text","content":"Vancouver, british Columbia--Bravada Gold Corporation (the \"Company\" or \"Bravada\") (TSX VENTURE:BVA) (FRANKFURT:BRT) has closed the first Tranche of its previously announced non-brokered private placement (the \"Offering\") by issuing 7,334,380 units for a total of CDN$366,719. The previously announced non-brokered private placement offering (March 03, 2016) consists of up to 10,000,000 units (\"Units\") at a price of $0.05 per Unit to raise $500,000. 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 five years at an exercise price of $0.10 per share. A second Tranche is expected to close in early April and is expected to be fully subscribed. Net proceeds from the private placement will be used for working capital, costs associated with claim maintenance, and other exploration expenses. Specifically, many of the Company's projects have high-quality drill targets already identified, and efforts will continue to identify appropriate partners to further advance these properties. Finders' fees and commissions may be paid by Bravada in relation to this Offering. Bravada will make 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. Bravada is an exploration company that has 15 high-quality properties in Nevada, one of the best mining jurisdictions in the world. The Company follows a portfolio approach to exploration, focusing on gold and silver, and during the past 11 years 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, five of its Nevada properties are being funded by partners, which in aggregate include earn-in work expenditures of up to $6.5 million and payments to Bravada of up to +$3.0 million in cash and shares, with Bravada retaining residual working or royalty interests. Bravada's most advanced property is Wind Mountain, which hosts a significant Indicated and Inferred resource of gold and silver with exciting potential for new discoveries. Currently defined resources at Wind Mountain are primarily oxide and near surface; thus, a low-cost open-pit, heap-leach operation could ...