Homestake Ridge - British Columbia
In 2011, Homestake Resource reported an updated mineral resource estimate, (NI43-101 compliant) of 191,000oz gold and 1,350,000oz silver indicated plus 530,000oz gold and 13,470,000oz silver inferred at a 3.0 g/t AuEq. cut-off in two separate deposits.
Message: Bravo $6.5 Million Private Placements Completed; First Tranche Closed
| May 28, 2009 |
| Bravo $6.5 Million Private Placements Completed; First Tranche Closed |
| VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 28, 2009) - NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRE SERVICES Bravo Venture Group Inc. (TSX VENTURE:BVG)(FRANKFURT:B6I) 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. |
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