Bravo Venture Group Inc. reported today that the company has now closed both of the recently announced flow-through private placements. The closing of the second tranche consisting of 1,213,641 flow-through units for C$333,751 completes the previously reported C$2,392,500 non-brokered flow-through private placement (August 14th and August 26th, 2008) of 8.7 million units. Each unit consists of one common flow-through share and one-half transferable non flow-through share purchase warrant, with each whole warrant exercisable to purchase one additional common share at an exercise price of $0.35 per share for a period of eighteen months from the closing date.
The 8.7 million unit private placement with all the common shares issued pursuant to this unit offering, including share purchase warrants and units issued as finders fees, will carry a legend restricting the shares from trading for a period of four months as per the following: 1st Tranche – December 23rd, 2008; 2nd Tranche – December 30th, 2008. All proceeds from this placement will be expended to fund the continuance of the approximate, 7,500 metre drill program at the Homestake Ridge project in NW British Columbia which is currently underway.
The company has also closed the 1.1 million flow-through unit non-brokered private placement previously reported (August 28th, 2008) for gross proceeds of $302,500. Each unit consists of one common flow-through share and one-half transferable non flow-through share purchase warrant, with each whole warrant exercisable to purchase one additional common share at an exercise price of $0.35 per share for a period of eighteen months from the closing date.
The 1.1 million unit private placement with all the common shares issued pursuant to this unit offering, including share purchase warrants and units issued as finders fees, will carry a legend restricting the shares from trading for a period of four months until January 9th, 2009.
Proceeds from the 1.1 million unit placement will fund the continuing exploration programs at the company’s British Columbia projects, principally the Homestake Ridge project in northwestern British Columbia
Bravo would like to acknowledge the following institutions for their participation in the 8.7 million unit financing; MineralFields Group, MTAX 2008 Mineral Limited Partnership and Augen Capital Corp.
About MTAX Mineral Limited Partnerships
MTAX Mineral Limited partnerships have been involved in mineral Flow-Through Share financings since 1985 and has a diversified group of investors who participate in the limited partnerships. Information on MTAX is available at www.mtax2008.com.
About MineralFields, Pathway and First Canadian Securities ®”
MineralFields Group (a division of Pathway Asset Management) is a Toronto-based mining fund with significant assets under administration that offers its tax-advantaged super flow-through limited partnerships to investors throughout Canada during most of the calendar year, as well as hard-dollar resource limited partnerships to investors throughout the world. Pathway Asset Management also specializes in the manufacturing and distribution of structured products and mutual funds. Information about MineralFields Group is available at www.mineralfields.com
First Canadian Securities ® is active in leading resource financings (both flow-through and hard dollar PIPE financings) on competitive, effective and service-friendly terms, with investors both within, and outside of, MineralFields Group".
Augen Capital Corp
Augen Capital Corp. is a merchant bank that specializes in the financing of and investment in very early stage resource companies. Augen's principals and advisors have many years of collective experience and expertise in identifying properties with substantial mineralization. Augen has an outstanding track record in sourcing, structuring and executing merchant banking investments in the natural resource field. In its first ten years, Augen has completed 250 investments and financings. www.augencc.com
Homestake Ridge Property, British Columbia
The property consists of Mineral Title claims and Crown Grant claims in which a 100% interest was earned by Bravo from Teck Cominco and a private Optionor, respectively. On portions of the located mineral claims there is a 2% NSR royalty in favour of Teck Cominco and on other portions of the located mineral claims there is a 2% NSR royalty in favour of the original Optionor. Bravo has the right to purchase 1% of the Teck Cominco royalty for $1 million and 1% of the original Optionor’s royalty for $1 million. The balance of the Property consisting of Crown Granted mineral claims in which Bravo has earned a 100% interest, subject to a 2% NSR royalty.
In March 2007 Bravo announced an Inferred Resource estimate at the Main Homestake zone 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 (see NR-04-07).(1) Drilling through 2007 has tested a 600-metre strike length of the mineralized horizon to depths of over 600 metres. The deposit remains open down dip and along strike to the southeast and northwest. A long section showing the location of completed drill holes and holes to be drilled during the 2008 season has been posted on the company’s website at www.bravoventuregroup.com.
About Bravo Venture Group Inc.
Bravo Venture Group Inc. is focused on exploring precious and base metal-rich projects within North America, currently with properties in Nevada, Alaska, and British Columbia. The company has extensive holdings strategically located within the Battle Mountain/Eureka “Cortez” gold trend in Nevada. The Woewodski Island project in southeast Alaska hosts both precious and base metal-rich massive sulphides and gold-rich orogenic quartz veins. The Homestake Ridge project is a gold-rich epithermal/VMS-related vein system within Eskay Creek/Silbak-Premier stratigraphy.
Rob Macdonald (P.Geo.) is the Qualified Person responsible for reviewing the technical results reported in this release.
Ich bin nie arbeiten gegangen weil es mir Spass macht, sondern weil der Hintern was zum kacken braucht. (Zitat: zombi17)