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: Closes Second Tranche of $6.5 Million Private Placements
| June 2, 2009 |
| Bravo Closes Second Tranche of $6.5 Million Private Placements |
| VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 2, 2009) - Bravo Venture Group Inc. (TSX VENTURE:BVG)(FRANKFURT:B6I) reported today that the company has now closed both the previously announced Brokered flow-through private placement and the Non-brokered private placement. Haywood Securities as Agent and the company have now closed the second tranche of the brokered private placements consisting of 3,154,000 flow-through and non flow-through units for C$946,200. The company announced on May 28th that it had closed the 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. Previously, the company also reported that it had closed the previously announced 1,000,000 unit non-brokered private placement for C$300,000 for total gross proceeds from all private placements of $6,534,550. Brokered Flow-through Units: Each flow-through unit issued in the second 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 October 2nd, 2009. Brokered Common share units: Each brokered "common share unit" issued in the second 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 October 2nd, 2009. Non-Brokered Common share units: Each non-brokered "common share unit" issued in the first tranche consisted 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 received 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. About Bravo Venture Group Inc. Bravo's exploration activities are focused within North America, specifically in N.W. British Columbia, Nevada, and S.E. Alaska. The VMS/ Epithermal gold/silver Homestake Ridge project in British Columbia is advancing with excellent drill results and a NI43-101 compliant technical evaluation which reported an inferred resource 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(1). The 2009 exploration program is expected to begin during July and will consist of an extensive +40-hole, 8,500 metre multi-rig drill program that will test the continuity of mineralization that remains open down dip and along strike to the southeast and northwest. The Woewodski Island prospect in S.E. Alaska is a precious-metal rich VMS target, which lies within a mineralized trend that hosts both the Greens Creek and Windy Craggy VMS deposits. A drill program is planned during Q2/Q3. The company also has a substantial land package consisting of thirteen properties located in the Battle Mountain/Eureka trend, Nevada. On behalf of the Board of Directors Joseph A. Kizis Jr., Director, President, Bravo Venture Group Inc. |
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