Business
Bravada Closes Oversubscribed Equity Financing, Prepares Wind Mountain for Drilling
Vancouver, British Columbia--(Newsfile Corp. - November 22, 2017) - Bravada Gold Corporation ...
About this update from Bravada Gold Corporation
[{"type":"text","content":"Bravada Closes Oversubscribed Equity Financing, Prepares Wind Mountain for DrillingVancouver, British Columbia--(Newsfile Corp. - November 22, 2017) - Bravada Gold Corporation (TSXV: BVA) (OTCQB: BGAVF) (FSE: BRTN) (the \"Company\" or \"Bravada\") announces that the previously announced $800,000 non-brokered private placement has been oversubscribed and Bravada will now issue 8,534,900 units (\"Units\") in a non-brokered private placement at a price of $0.10 per Unit for gross proceeds of $853,490. 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 three years at an exercise price of $0.15 per share. Securities issued pursuant to this private placement, including common shares and share purchase warrants, carry a legend restricting trading of the securities until March 23, 2018.  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. President Joe Kizis commented, \"With an approved drilling permit and adequate funds now in place, we are preparing to drill at Wind Mountain. A drilling contract has been signed, supplies have been obtained, and drill sites will be constructed over the next couple of weeks in preparation for drilling to commence in mid-December.As we have previously noted, many large, epithermal disseminated-gold systems like Wind Mountain develop above much higher-grade 'feeder' zones, and many of these zones contain their highest concentrations at significant rock changes called unconformities. Our 3D modeling has identified two regions, approximately 1,500 metres apart, that could host such 'feeder' zones and both will be tested with this proof-of-concept drilling program. These types of deposits include some of the world's richest gold deposits, such as the Hishikari deposit in Japan.\"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,...