Business
Bravada Closes Final Tranche of Oversubscribed Equity Financing; Drilling Program Completed at Baxter Property
VANCOUVER, BRITISH COLUMBIA--(Marketwired - April 18, 2016) - Bravada Gold Corporation (the "Company" or "Bravada") (TSX VENTURE:BVA)(FRANKFURT:BRT) has closed
About this update from Bravada Gold Corporation
[{"type":"text","content":"VANCOUVER, BRITISH COLUMBIA--(Marketwired - April 18, 2016) - Bravada Gold Corporation (the \"Company\" or \"Bravada\") (TSX VENTURE:BVA)(FRANKFURT:BRT) has closed the second and final Tranche of its previously announced non-brokered private placement (the \"Offering\") by issuing an additional 3,665,620 units for a total of CDN$183,281. The previously announced non-brokered private placement offering (March 3, 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. The first Tranche was closed on March 31. The offering was oversubscribed, resulting in the issuance of 11,000,000 Units for total of $550,000 in both tranches. Net proceeds from the private placement will be used for working capital, costs associated with claim maintenance, and other exploration expenses. Specifically, the Company will continue to identify appropriate partners to further advance its portfolio of high-quality exploration and development properties. Finders' fees and commissions were paid by Bravada on a portion of this Offering. Bravada made provisions for an over-allotment option (Greenshoe) of up to 10% additional units beyond the number of units in this Offering. Baxter Project Update Kinross Gold Corporation (\"Kinross\") has notified Bravada that it has completed 16 reverse-circulation drill holes for a total of 4,439 meters at the Baxter property. Assays are expected in approximately one month. The Baxter property consists of 240 unpatented lode claims (~1,940 hectares) in the Walker Lane Gold trend of western Nevada. Bravada previously demonstrated extensive low-sulfidation gold and silver mineralization at surface and in relatively shallow reverse-circulation drill holes. Kinross has the option to earn a 60% interest in the property by spending $2.0 million over five years and it can earn an additional 15% interest by spending an additional $2 million on exploration and development expenses over two additional years. Upon Kinross completing its earn-in, Bravada may contribute to expenditures at its percentage of interest or be diluted. Should Bravada's working interest reduce below 10% as a co...