Bravada Gold Corporation (TSX-V: BVA) (FSE: BRTN) (OTCQB: BGAVF) announces that it has closed the final tranche of its previously announced non-brokered private placement for total gross proceeds from all tranches of $900,000 through the issuance of 12,857,142 units of the Company at a price of $0.07 per unit. The original $700,000 offering, previously announced on April 15, 2019, was oversubscribed and with the approval of the TSX Venture Exchange was increased to a maximum of $900,000. 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 $0.12 for a period of four years following the closing of the offering. Securities issued pursuant to the private placement, including common shares and share purchase warrants, carry a legend restricting trading of the securities for a period of four months and a day on closing for each of the two tranches. Finders’ fees and commissions may be paid by the Company in relation to the units sold in this offering.
Net proceeds from the private placement will be used for exploration costs of, in order of priority, 1) an initial drilling program on the SF property, 2) geophysical testing at Wind Mountain, 3) property maintenance fees, permitting fees and associated ancillary costs, and 4) certain accounts payable and working capital.
The SF mineral property is located in a prolific mineral district ~6km from Barrick’s Goldrush deposit. The target is in the same host rocks and structural setting, providing the Company with a relatively low-risk discovery play in the Cortez district where three of the largest Carlin-type gold deposits have been discovered in Nevada during the previous three decades. An initial RC drilling program is currently underway at the SF project.
Geological and geophysical work to be conducted on the Wind Mountain project will firm up the drill sites to test the feeder target. Other longer-term potential sources of funding will be derived from exercise of warrants and options as well as royalty payments receivable by Bravada from Baker Hughes’ barite mine anticipated to begin in Q1/Q2, 2020 from the Shoshone Pediment property.
President Joe Kizis commented, “Bravada has been acquiring and developing exploration properties in Nevada since 2002, constantly evaluating exploration results and optimizing its portfolio. The Company currently has eleven high-quality exploration and development projects. During this period Bravada outlined a significant gold and silver resource with a positive PEA at Wind Mountain. We feel the property has much more upside potential, particularly at the Feeder target where planned geophysics should further refine for drilling this potentially richest portion of the property.
The SF property, located in one of the most productive gold regions of Nevada, has a similar geological setting to some of the largest gold deposits discovered during the past few decades, providing an excellent risk/reward opportunity for exploration dollars. Importantly, discoveries in Nevada command a higher premium than discoveries in many parts of the world, as recognized by the Fraser Institutes’ most recent ranking that Nevada is the Most Attractive Mining Jurisdiction in the World.”
Bravada is an exploration company with a portfolio of high-quality properties in Nevada, one of the best mining jurisdictions in the world. 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. With the addition of OceanaGold’s option of Highland, four of Bravada’s eleven Nevada properties are being funded by partners. As well, there are no NSR-type royalties to vendors that cannot be reduced. Bravada’s value is underpinned by a substantial gold and silver resource with a positive PEA at Wind Mountain and the Company has significant upside potential from possible new discoveries at its exploration properties, most of which host encouraging drill intercepts of gold and which already have drill targets developed by the Company.
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