Business
Bravada Closes Oversubscribed Equity Financing, Provides Wind Mountain Au-Ag Project, Nevada Update
Vancouver, British Columbia--(Newsfile Corp. - April 28, 2022) - Bravada Gold Corporation &#x...
About this update from Bravada Gold Corporation
[{"type":"text","content":"Bravada Closes Oversubscribed Equity Financing, Provides Wind Mountain Au-Ag Project, Nevada UpdateVancouver, British Columbia--(Newsfile Corp. - April 28, 2022) - Bravada Gold Corporation (TSXV: BVA) (FSE: BRTN) (OTCQB: BGAVF) (the \"Company\" or \"Bravada\") announces that it has closed the previously announced non-brokered private placement for total gross proceeds of $1,719,500 through the issuance of 34,390,000 units of the Company at a price of $0.05 per unit. The original $1,500,000 offering, previously announced on March 21, 2022, has been oversubscribed. Each unit consists of one common share of the Company and one common share purchase warrant. Each warrant entitles the holder thereof to purchase a common share at an exercise price of $0.10 for a period of two years following the closing of the offering.Net proceeds from the private placement will be used to continue exploration drilling at the Wind Mountain property and to incorporate higher-grade gold and silver assay results from 2021 in-fill drilling, as well as results from earlier post-2012 drilling, into an update of the resource calculation and PEA. Net proceeds will also cover property maintenance for the Company's portfolio of Nevada properties and for working capital. All securities issued and sold under the offering will be subject to a hold period until August 29, 2022, which is four months and one day from their date of issuance. In connection with the offering, the Company paid aggregate cash finders' fees of $6,650 and issued an aggregate of 133,000 non-transferable finders' warrants, each exercisable to purchase one common share at an exercise price of $0.10 for a period of two years. The Company also reports that it has granted incentive stock options under its 10% rolling stock option plan to certain directors, officers and consultants of the Company to purchase a total of 5,000,000 common shares at $0.05 per share exercisable for a period of five years.About the Wind Mountain Au-Ag projectThe Wind Mountain gold-silver property was mined by a former owner, operating an open-pit/heap-leach operation that produced 299,259oz gold & 1.8MMoz silver. Bravada subsequently acquired 100% ownership subject to a small royalty, and after a series of exploration and pre-development initiatives, commissioned in 2012 an independent resource estimate and a ...