VANCOUVER, BRITISH COLUMBIA--(Marketwired - April 5, 2017) - Bravada Gold Corporation (the "Company" or "Bravada") (TSX VENTURE:BVA)(STUT:BRTN)(OTCQB:BGAVF) announces that the following directors were re-elected at Bravada's annual general meeting held on March 30, 2017: Joseph A. Kizis, Jr., Lawrence Page, Q.C., Michael Rowley, G. Ross McDonald, John Kerr, Nigel Bunting and Donald Head. The following officers were re-appointed subsequent to the annual general meeting: Joseph A. Kizis, Jr. as President, Lawrence Page, Q.C. as Chairman, Graham Thatcher as Chief Financial Officer, and Arie Page as Corporate Secretary.
In addition, the shareholders re-appointed Smythe LLP, Chartered Accountants, as auditor of the Company and approved Bravada's rolling incentive stock option plan pursuant to which a maximum of 10% of the issued shares will be reserved for issuance under the plan. The plan is subject to TSX Venture Exchange acceptance.
The Company also announces that a Shareholder Right Plan was approved at Bravada's annual general meeting. The Shareholder Rights Plan was adopted to ensure the fair treatment of all Bravada shareholders in the event of an unsolicited take-over bid for the outstanding common shares of Bravada. The Shareholder Rights Plan was not adopted in response to any proposed acquisition or take-over bid and was not designed to prevent take-over bids that treat Bravada's shareholders fairly. It was intended to ensure that all shareholders have an equal opportunity to participate in any change of control transaction.
A copy of the Shareholder Rights Plan Agreement will be available under Bravada's profile on SEDAR at www.sedar.com. Reference should be made to the full text of the plan for the details of its provisions. The Shareholder Rights Plan has received TSX Venture Exchange acceptance.
Bravada also announces that it has closed the final tranche of its previously-announced non-brokered private placement by issuing 816,250 units at a price of $0.20 per unit for gross proceeds of $163,250. 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 carry a legend restricting trading of the securities until August 1, 2017.
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.
On behalf of the Board of Directors of Bravada Gold Corporation
Joseph A. Kizis, Jr., Director, President, Bravada Gold Corporation
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.