Bravada Gold Closes Final Tranche and Baxter Drill Permit Issued

Bravada Gold Corporation (TSXV:BVA) announced it has closed the second and final Tranche of its previously announced non-brokered private placement. by issuing 2,250,000 Units for a total of CDN$67,500. Also announced was the news that Bravada Gold has received drill permits from the Bureau of Land Management for 14 drill sites at the Baxter property, located in western Nevada.
As quoted in the press release:

The previously announced non-brokered offering (August 21, 2015) consisted of 6,666,667 units of the Company (“Units”) at a price of CDN$0.03 per Unit to raise $200,000. Each Unit consists of one common share without par value in the capital of the Company (a “Share”) and one common share purchase warrant (a “Warrant”). Each Warrant entitles the holder to purchase one Share at a price of CDN$0.05 per Share for 5 years. The offering was slightly oversubscribed resulting in the issuance of 6,774,998 Units to raise $203,250.
Baxter Project Update
Kinross Gold Corporation (“Kinross”) has notified Bravada that it has received drill permits from the Bureau of Land Management for 14 drill sites at the Baxter property. The drill targets are based on extensive work completed by Kinross this past summer, which included mapping, rock-chip and soil sampling over the expanded claim block, conducting detailed ground gravity and air-borne magnetics/radiometrics over the entire claim block, and conducting mineralogy studies to identify clay and other alteration products in surface and drill chips. Five samples contain 10.1 to 43.7g/t Au of the 92 samples of vein, dump material, and wall rock that were collected. The remaining samples assay in the range of less than detection limit to 7.8g/t Au. Drilling is anticipated early in 2016.
The Baxter property consists of 240 unpatented lode claims (~1,940 hectares) in the Walker Lane Gold trend of western Nevada. Bravada previously demonstrated extensive low-sulfidation gold and silver mineralization at surface and in relatively shallow reverse-circulation drill holes.
Kinross has the option to earn a 60% interest in the property by spending $2.0 million over five years and it can earn an additional 15% interest by spending an additional $2 million on exploration and development expenses over two additional years. Upon Kinross completing its earn-in, Bravada may contribute to expenditures at its percentage of interest or be diluted. Should Bravada’s working interest reduce below 10%, Bravada would convert its working interest to a 1% NSR royalty.

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