VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jan. 26, 2017) - Bravada Gold Corporation (the "Company" or "Bravada") (TSX VENTURE:BVA)(STUT:BRTN)(OTCQB:BGAVF) announces that the Company has closed the first tranche of its previously reported non-brokered private placement by issuing 2,100,000 units at a price of $0.20 per unit for gross proceeds of $420,000. Each unit consists of one common share and one share purchase warrant exercisable to purchase one additional common share for a period of three years at an exercise price of $0.30 per share. Securities issued pursuant to this tranche of the private placement, including common shares and share purchase warrants carry a legend restricting trading of the securities until May 26, 2017.
Bravada also reports that it has received approval from the TSX Venture Exchange for a 30 day extension to close the final tranche of this Private Placement.
Net proceeds from the private placement will be used: a) to test for high-grade "Hishikari-type" gold/silver vein mineralization at the Wind Mountain property; b) to test for high-grade "Carlin-type" gold mineralization at the SF property; and c) for working capital. The private placement and finder's fees are subject to regulatory approval. 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.
President Joe Kizis commented, "Permitting is underway for 2017 drilling programs on four of Bravada's properties, Wind Mountain, SF, Baxter, and Quito, with two of these programs being funded by partners."
Bravada is an exploration company with a portfolio of high-quality properties in Nevada, one of the best mining jurisdictions in the world. During the past 12 years, the Company 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.
Joseph Anthony Kizis, Jr. (AIPG CPG-11513, Wyoming PG-2576) is the Qualified Person responsible for reviewing and preparing the technical data presented in this release and has approved its disclosure.
On behalf of the Board of Directors of Bravada Gold Corporation
Joseph A. Kizis, Jr., Director, President, Bravada Gold Corporation
For further information, please visit Bravada Gold Corporation's website at www.bravadagold.com.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. These statements are based on a number of assumptions, including, but not limited to, assumptions regarding general economic conditions, interest rates, commodity markets, regulatory and governmental approvals for the company's projects, and the availability of financing for the company's development projects on reasonable terms. Factors that could cause actual results to differ materially from those in forward looking statements include market prices, exploitation and exploration successes, the timing and receipt of government and regulatory approvals, and continued availability of capital and financing and general economic, market or business conditions. Bravada Gold Corporation does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent required by applicable law.