BRAVO ANNOUNCES INCREASE IN BROKERED PRIVATE PLACEMENT TO $6,234,550

BRAVO ANNOUNCES INCREASE IN BROKERED PRIVATE PLACEMENT TO $6,234,550

Bravo Venture Group Inc.'s recently announced private placement's flow-through component has been oversubscribed and the offering of flow-through units and common share units has been increased from $5-million to $6,234,550. The company said it now plans to issue flow-through units totalling $5,411,700 and common share units totalling $822,850.

Haywood Securities Inc. has been engaged to complete the private placement offering, on a marketed reasonable best efforts basis. An initial closing of approximately $5,784,550 is expected on or about May 26, 2009, and a second closing of approximately $450,000 on or about June 1, 2009.

The flow-through units are priced at 30 cents per flow-through unit. Each flow-through unit will consist of one flow-through share and one-half of one non-flow-through common share warrant, with one whole non-flow-through common share warrant exercisable to purchase one common share of the company at a price of 40 cents per share, for a period of two years from the date of issue of such flow-through units.

The common share units are priced at 30 cents per common share unit. Each common share unit will consist of one common share and one common share warrant, exercisable to purchase one common share of the company at a price of 35 cents per share for a period of two years from the date of issue of such common share units.

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. All of the securities sold in the offering will be subject to a four-month hold period.

Net proceeds will be used to finance a 7,500-8,000-metre drilling program at Homestake Ridge, with a focus on possible expansion to the northwest of the high-grade gold zone and also to test an as yet undrilled 600-metre gap between an overlying hangingwall silver-rich horizon at the Homestake main deposit and the Homestake silver target, where, to date, only six holes have been drilled. In addition to the drilling program, the company aims to update the resource model at Homestake Ridge and conduct initial mine and metallurgical studies, as well as preliminary baseline studies. A drilling program of 1,200-1,500 metres is planned on significant precious metals/VMS targets on Woewodski Island in southeast Alaska.

The agent will receive a cash commission equal to 6 per cent of the gross proceeds raised in this private placement (for subscribers originated by the agent) and compensation warrants entitling the agent to purchase such number of common share units as is equal to 10 per cent of the aggregate number of flow-through units and common share units sold to pursuant to the offering at an exercise price equal to 30 cents for a period of 24 months from the date of issue of such compensation warrants. Similar cash commissions and compensation warrants may also be paid and issued to other brokers who initiate orders for units.

Bravo also said today that the $250,000 non-brokered private placement of common share units announced on May 5, 2009, has been increased to $300,000. The common share units are to be sold at the same terms as that being offered in the brokered private placement of common share units.


NEWSLETTER REGISTRIERUNG:
Aktuelle Pressemeldungen dieses Unternehmens direkt in Ihr Postfach:
http://www.irw-press.com/alert_subscription.php?lang=en&isin=CA1056701032

Mitteilung übermittelt durch IRW-Press.com. Für den Inhalt ist der Aussender
verantwortlich.
Kostenloser Abdruck mit Quellenangabe erlaubt.