Stocks & Investing
Stocks and Investing
Stocks and Investing
Thu, October 15, 2009
Wed, October 14, 2009
Bravo Venture Group Inc.: Bravo to Raise $8.6 Million in Oversubscribed Private Placements
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 14, 2009) - Bravo Venture Group Inc. (TSX VENTURE:BVG)(FRANKFURT:B6I) reported today that the company's previously announced private placements (NR-26-09, Oct.6/09) has been oversubscribed and the company will now issue a total of 17.95 million common shares in two non-brokered private placements for total gross proceeds of C$8,657,500. The financings are expected to close on or about October 28th, 2009.
The company shall issue up to 6.35 million units in a non brokered private placement at a price of C$0.45 per unit to raise C$2,857,500. Each unit will consist of one common share and one-half share purchase warrant, each whole warrant exercisable to purchase one additional common share at an exercise price of C$0.50 per share for a period of two years from the closing date. Net proceeds will be for general working capital and to finance the company's "Plan of Arrangement" with Bravada Gold Corporation. Finder's fees may be payable.
The company shall also issue up to 11.6 million units in a non-brokered flow-through private placement at a price of C$0.50 per unit to raise C$5.8 million. Each unit will consist of one common flow through share and one-half non flow-through share purchase warrant, each whole warrant exerciseable to purchase one additional common share at an exercise price of $0.60 per share for a period of two years from the closing date. All proceeds from this placement will be expended to fund the continuance of the expanded 10,000 – 11,000 metre drill program at the Homestake Ridge project in NW British Columbia which is currently underway. Finders fees may be payable.
About Bravo Venture Group Inc.
Bravo Venture Group Inc. is focused on exploring its precious and base metal-rich Homestake Ridge project in British Columbia, a gold-rich epithermal/VMS-related system within Eskay Creek/Silbak-Premier stratigraphy. Pursuant to the recently announced "Plan of Arrangement", Bravada Gold Corp. will focus on exploring Bravo's extensive Carlin-type gold holdings strategically located within the Battle Mountain/Eureka "Cortez" gold trend in Nevada.
On behalf of the Board of Directors
Joseph A. Kizis Jr., Director, President,
Bravo Venture Group Inc.
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.
