| | Published : May 28th, 2009 | $6.5 Million Private Placements Completed; First Tranche Closed |
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Bravo $6.5 Million
Private Placements Completed; First Tranche Closed
NOT FOR DISSEMINATION IN
THE UNITED STATES OR THROUGH U.S. NEWSWIRE SERVICES
Bravo Venture Group Inc. reported today that the previously announced Brokered
flow-through private placement and Non-brokered private placement have
been completed. Haywood Securities as Agent and the company have closed a
first tranche of the brokered private placement consisting of 15,792,834
flow-through units and 1,835,000 non flow-through units for C$5,288,350.
The company also reported that the previously announced 1,000,000 unit
non-brokered private placement for C$300,000 also has closed.
Brokered Flow-through Units:
Each flow-through unit issued in the first tranche consists of one common
flow-through share priced at $0.30 per share and one-half non flow-through
share purchase warrant, with one whole warrant exercisable to purchase one
common share at a price of $0.40 per share, for a period of two years.
The proceeds from this placement will fund an approximate, 8,500 metre drill
program at the Homestake Ridge project in NW British Columbia which is
expected to begin mid July. All the common shares issued pursuant to this
unit offering, including share purchase warrants and units issued as finders
fees, carry a legend restricting the shares from trading for a period of four
months which expires on September 28th, 2009.
Brokered Common share units:
Each brokered "common share unit" issued in the first tranche
consists of one common share priced at $0.30 per share and one share purchase
warrant exercisable to purchase one common share at a price of $0.35 per
share, for a period of two years. All the common shares issued pursuant to
this unit offering, including share purchase warrants and units issued as
finders fees, carry a legend restricting the shares from trading for a period
of four months which expires on September 28th, 2009.
Second Tranche:
The second tranche consisting of 3,154,000 flow-through and non flow-through
units for C$946,200 is scheduled to close on June 1, 2009 and will complete
the financing for gross proceeds to Bravo of $6,234,550.
Non-Brokered Common share units:
Each non-brokered "common share unit" issued in the first tranche
consists of one common share priced at $0.30 per share and one share purchase
warrant exercisable to purchase one common share at a price of $0.35 per
share, for a period of two years. All the common shares issued pursuant to
this unit offering, including share purchase warrants and units issued as
finders fees, carry a legend restricting the shares from trading for a period
of four months which expires on September 28th, 2009.
The shares for these private placements will have been offered and sold by
way of private placement exemptions in all provinces and jurisdictions of
Canada, other than Quebec, as to be mutually agreed to by the Company and the
Agent, into the United States via Rule 144A or in such other manner as not to
require registration under the United States Securities Act of 1933, as
amended, and into jurisdictions outside of Canada and the US.
The offering is subject to certain conditions including, but not limited to,
the receipt of all necessary corporate and regulatory approvals, including
the approval of the TSX Venture Exchange.
The Agent will receive a cash commission equal to 6% of the gross proceeds
raised in this private placement (for subscribers originated by the Agent)
and compensation warrants (the "Compensation Warrants") entitling
the Agent to purchase such number of common share units as is equal to 10.0%
of the aggregate number of flow through units and common share units sold to
subscribers originated by the Agent pursuant to the private placement at an
exercise price equal to the issue price of the flow through units and the
common share units for a period of 24 months following the closing date.
The securities being offered have not been registered under the U.S.
Securities Act of 1933, as amended, and may not be offered or sold in the
United States in the absence of registration or an applicable exemption from
the registration requirements. This press release does not constitute an
offer to sell or the solicitation of an offer to purchase securities in the
United States.
About Bravo Venture Group, Inc.
Bravo's exploration activities are focused within North America, specifically
in N.W. British Columbia, Nevada, and S.E. Alaska. The VMS/ Epithermal
gold/silver Homestake Ridge project in British Columbia is advancing with
excellent drill results and a NI43-101 compliant technical evaluation which
reported an inferred resource of 903,231 ounces of gold and 5,745,746
ounces of silver contained within 11.9 million tonnes with an
average grade of 2.36 g/t Au and 15.0 g/t Ag using a cut-off grade of 0.5 g/t
gold(1) . The 2009 exploration program will consist of an extensive +40-hole,
8,500 metre multi-rig drill program that will test the continuity of
mineralization that remains open down dip and along strike to the southeast
and northwest. The Woewodski Island prospect in S.E. Alaska is a
precious-metal rich VMS target, which lies within a mineralized trend that
hosts both the Greens Creek and Windy Craggy VMS deposits. A drill program is
planned during Q2/Q3. The company also has a substantial land package
consisting of thirteen properties located in the Battle Mountain/Eureka
trend, Nevada.
On behalf of the Board of Directors
"Joseph A. Kizis, Jr."
Joseph A. Kizis Jr., Director, President, Bravo Venture Group, Inc.
For further information, please visit the company's website at
www.bravoventuregroup.com or contact Jay Oness at either 1-888-456-1112 or
604-684-9384 or by email at corpdev@mnxltd.com.
(1) An
'Inferred Mineral Resource' is that part of a Mineral Resource for which
quantity and grade or quality can be estimated on the basis of geological
evidence and limited sampling and reasonably assumed, but not verified,
geological and grade continuity. The estimate is based on limited
information and sampling gathered through appropriate techniques from
locations such as outcrops, trenches, pits, workings and drill holes. Due to
the uncertainty which may attach to Inferred Mineral Resources, it cannot be
assumed that all or any part of an Inferred Mineral Resource will be upgraded
to an Indicated or Measured Mineral Resource as a result of continued
exploration. Confidence in the estimate is insufficient to allow the
meaningful application of technical and economic parameters or to enable an
evaluation of economic viability worthy of public disclosure. Inferred
Mineral Resources must be excluded from estimates forming the basis of
feasibility or other economic studies (43-101CP, CIM, 2001).
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.
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Copyright © 2008 Bravo Venture Group
This news
release contains forward-looking statements, including but not limited to
comments regarding predictions and projections. 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. Further information regarding factors which
may cause results to differ materially from those projected in
forward-looking statements are included in the filings by the Company with
securities regulatory authorities.
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VanEck Vectors Global Alternative Energy ETF
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EXPLORATION STAGE |
CODE : BVG.V |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Bravo Gold is a gold exploration company based in Canada. Bravo Gold holds various exploration projects in Canada. Its main exploration properties are GRANITE MOUNTAIN, SOUTH BATTLE MOUNTAIN, MOUNTAIN BOY - SIGNAL PROJECT, SOUTH LONE MOUNTAIN, SF CLAIMS, GABEL CANYON, HO CLAIMS, THREE BAR CLAIMS, PETE HANSON, NORTH LONE MOUNTAIN, SHOSHONE PEDMENT and WOEWODSKI ISLAND PROJECT in USA and HOMESTAKE RIDGE in Canada. Bravo Gold is listed in Canada, in Germany and in United States of America. Its market capitalisation is 1.9 millions as of today (US$ 1.9 millions, € 1.5 millions). Its stock quote reached its highest recent level on December 29, 2006 at 1.98, and its lowest recent point on April 13, 2012 at 0.03. Bravo Gold has 47 442 200 shares outstanding. |
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