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Bravada Gold Corporation (TSXV: BVA,OTC:BGAVF) ("Bravada" or the "Company") is pleased to announce that it has closed its previously announced non-brokered private placement by issuing 285,715 common shares ("Shares") at a price of $0.70 per Share for proceeds of $200,000.50 (the "Offering"). The Shares were acquired by Bravada's newly appointed President & Chief Executive Officer, Paul West-Sells.
The Shares are subject to a hold period expiring on October 23, 2026. Net proceeds from the private placement will be used for general working capital. The Offering is subject to final approval of the TSX Venture Exchange.
Dr. West-Sells' participation in the private placement is considered to be a "related party transaction" as defined under Multilateral Instrument 61-101 ("MI 61-101"). The Company is relying on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101, as the fair market value of the participation in the private placement by Dr. West-Sells does not exceed 25% of the market capitalization of the Company, as determined in accordance with MI 61-101.
About Bravada Gold
Bravada Gold Corporation is advancing the past-producing Wind Mountain gold-silver project in Nevada. The project is the Company's primary development focus and is being evaluated for a potential return to production.
A 2022 Preliminary Economic Assessment for Wind Mountain indicated compelling project economics, supporting the Company's continued work to advance the project through the next stages of development.
In addition to Wind Mountain, Bravada maintains significant exploration upside across its Nevada-based property portfolio, including the potential for new discoveries.
On behalf of the Board of Directors
Lawrence Page, K.C.
Chairman & Director
Bravada Gold Corporation
For further information, please visit Bravada Gold Corporation's website at bravadagold.com; or contact us at 604.641.2759 or by email info@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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/302591
