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12.02.2010
Bravada ‘Spin-out’ Approved by Bravo’s Shareholders
Bravo Venture Group Inc.: Bravada ‘Spin-out’ Approved by Bravo’s Shareholders
February 11th, 2010
NR-05-10
BVG-TSX.V
Frankfurt: B6I
Bravo Venture Group Inc. (“Bravo”) announced today that shareholders have approved the proposed terms of an Arrangement whereunder Bravo will transfer its U.S. properties in the State of Nevada currently held by its wholly owned operating subsidiary, Bravo Alaska Inc., to a new British Columbia company, Bravada Gold Corporation (“Bravada”). Bravada is in the process of application to list its shares on the TSX-V Exchange.
The Plan of Arrangement, also referred to as a ‘spin-out’, provides an opportunity for shareholders to benefit from the extensive and highly prospective properties acquired by Bravo in the Battle Mountain-Eureka Gold trend without additional share dilution of Bravo through continuing exploration and development work funded and carried out by Bravada, while Bravo focuses on further exploration and development of its core asset, gold/silver/base metal deposits at its Homestake Ridge project in NW British Columbia. Bravo will maintain a non-controlling interest in the Nevada properties through its retained equity position in Bravada.
President Joe Kizis commented, “The Battle Mountain-Eureka Gold trend contains many large gold deposits and, while currently far less intensely explored, we believe it may ultimately rival the famous Carlin Gold trend. Important new discoveries continue to be made along both trends, demonstrating that persistent and disciplined exploration can be very rewarding. Bravada has an initial portfolio of 13 properties (~9,000 hectares, or approximately 35 square miles), one of the largest land holdings of any junior in the BM-E trend. Drill targets have already been identified at six of the properties, with permitting either complete or in progress. Other property acquisitions are being considered that could further enhance exploration success.” More detailed descriptions of the Nevada properties can be found on Bravo’s website bravoventuregroup.com and in Bravo News Release NR-23-09 (dated September 22, 2009), with a description of the recently acquired NSR property, which is located along the BM-E trend within the Cortez district, in Bravo News Release NR-04-10 (dated February 4, 2010).
Terms of the Arrangement:
Bravo Shareholders of record on December 31, 2009 will receive shares of Bravada. 24,119,217 Bravada shares will be issued to Bravo under the Arrangement and in addition, Bravo will subscribe for 1.5 million shares of Bravada for payment of $1.5 million, for total holdings of 25,619,217. Bravo will retain 11,147,687 shares for investment purposes and will distribute 14,471,530 shares to its shareholders on the basis of one Bravada share for each ten Bravo shares held by a shareholder on December 31, 2009.
The Plan of Arrangement has received approval of the Supreme Court of British Columbia, and all conditions to completion of the Plan of Arrangement have been satisfied.
Bravo will change its name to “BRAVO GOLD CORPORATION” to more fully identify the Company with its developing Homestake Ridge gold deposits. The company will continue to trade under the symbol “BVG”.
Directors and Officers elected and appointed
The Bravo Board of Directors elected at the Annual General Meeting and Officers appointed at the following Directors’ meeting are:
Joseph A. Kizis, Jr. Director and President
Lawrence Page, Q.C. Director and Chairman
Robert Swenarchuk Director and Senior Vice President, Corporate Development
Stephen Beardslee Director and Audit Committee member
Terrence Eyton Director and Audit Committee member
Scott Hean Director and Audit Committee member
Ken Thorsen Director
Declan J. Costelloe Director
Stacey Bligh Corporate Secretary
Officers and Directors of Bravada appointed at its initial Directors meeting are:
Lawrence Page, Q.C. Director & Officer: Chairman
Joseph A. Kizis, Jr. Director & Officer: President
Paul Dircksen Director & Audit Committee member
Ross McDonald Director & Audit Committee member
John R. Kerr Director & Audit Committee member
Scott Hean Director
Robert Ingram Chief Financial Officer
Arie Page Corporate Secretary
About Bravo Venture Group Inc. and Bravada Gold Corp.
Bravo Venture Group Inc. is well financed to continue 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. Bravo is planning an aggressive 2010 exploration program at Homestake Ridge, with an expected budget of $6 million for +12,000 metres of drilling, which will offset open-ended mineralization at the newly discovered Homestake Silver Deposit and drill-test six exploration targets identified primarily by last season’s airborne geophysical survey. Additional metallurgy and permitting will also be included in the program. Currently, the Company is working with Scott Wilson, Roscoe, Postle Associates Inc. to update a resource for the property and to prepare for a Preliminary Assessment of potential economics of the property.
Bravada Gold Corp. will explore its extensive Carlin-type gold holdings, strategically located within the Battle Mountain/Eureka “Cortez” gold trend in Nevada. Bravada is planning a 2010 budget of $1,000,000, which will consist of approximately 2,000 metres of drilling in order to test identified targets at two or more of its properties. In addition, the program will include extensive geologic, geochemical, and geophysical work in order to identify drill targets at its newest holding, the NSR property, located in the prolific Cortez Mining district.
-30-
On behalf of the Board of Directors
“Joseph A. Kizis, Jr.”
Joseph A. Kizis Jr., Director, President, Bravo Venture Group Inc.
For further information, please visit the company’s website at bravoventuregroup.com or contact Jeff Stuart at either 1-888-456-1112 or 604-641-2771 or by email at jstuart@mnxltd.com.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents of this news release, which has been prepared by management. We seek safe harbor.
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February 11th, 2010
NR-05-10
BVG-TSX.V
Frankfurt: B6I
Bravo Venture Group Inc. (“Bravo”) announced today that shareholders have approved the proposed terms of an Arrangement whereunder Bravo will transfer its U.S. properties in the State of Nevada currently held by its wholly owned operating subsidiary, Bravo Alaska Inc., to a new British Columbia company, Bravada Gold Corporation (“Bravada”). Bravada is in the process of application to list its shares on the TSX-V Exchange.
The Plan of Arrangement, also referred to as a ‘spin-out’, provides an opportunity for shareholders to benefit from the extensive and highly prospective properties acquired by Bravo in the Battle Mountain-Eureka Gold trend without additional share dilution of Bravo through continuing exploration and development work funded and carried out by Bravada, while Bravo focuses on further exploration and development of its core asset, gold/silver/base metal deposits at its Homestake Ridge project in NW British Columbia. Bravo will maintain a non-controlling interest in the Nevada properties through its retained equity position in Bravada.
President Joe Kizis commented, “The Battle Mountain-Eureka Gold trend contains many large gold deposits and, while currently far less intensely explored, we believe it may ultimately rival the famous Carlin Gold trend. Important new discoveries continue to be made along both trends, demonstrating that persistent and disciplined exploration can be very rewarding. Bravada has an initial portfolio of 13 properties (~9,000 hectares, or approximately 35 square miles), one of the largest land holdings of any junior in the BM-E trend. Drill targets have already been identified at six of the properties, with permitting either complete or in progress. Other property acquisitions are being considered that could further enhance exploration success.” More detailed descriptions of the Nevada properties can be found on Bravo’s website bravoventuregroup.com and in Bravo News Release NR-23-09 (dated September 22, 2009), with a description of the recently acquired NSR property, which is located along the BM-E trend within the Cortez district, in Bravo News Release NR-04-10 (dated February 4, 2010).
Terms of the Arrangement:
Bravo Shareholders of record on December 31, 2009 will receive shares of Bravada. 24,119,217 Bravada shares will be issued to Bravo under the Arrangement and in addition, Bravo will subscribe for 1.5 million shares of Bravada for payment of $1.5 million, for total holdings of 25,619,217. Bravo will retain 11,147,687 shares for investment purposes and will distribute 14,471,530 shares to its shareholders on the basis of one Bravada share for each ten Bravo shares held by a shareholder on December 31, 2009.
The Plan of Arrangement has received approval of the Supreme Court of British Columbia, and all conditions to completion of the Plan of Arrangement have been satisfied.
Bravo will change its name to “BRAVO GOLD CORPORATION” to more fully identify the Company with its developing Homestake Ridge gold deposits. The company will continue to trade under the symbol “BVG”.
Directors and Officers elected and appointed
The Bravo Board of Directors elected at the Annual General Meeting and Officers appointed at the following Directors’ meeting are:
Joseph A. Kizis, Jr. Director and President
Lawrence Page, Q.C. Director and Chairman
Robert Swenarchuk Director and Senior Vice President, Corporate Development
Stephen Beardslee Director and Audit Committee member
Terrence Eyton Director and Audit Committee member
Scott Hean Director and Audit Committee member
Ken Thorsen Director
Declan J. Costelloe Director
Stacey Bligh Corporate Secretary
Officers and Directors of Bravada appointed at its initial Directors meeting are:
Lawrence Page, Q.C. Director & Officer: Chairman
Joseph A. Kizis, Jr. Director & Officer: President
Paul Dircksen Director & Audit Committee member
Ross McDonald Director & Audit Committee member
John R. Kerr Director & Audit Committee member
Scott Hean Director
Robert Ingram Chief Financial Officer
Arie Page Corporate Secretary
About Bravo Venture Group Inc. and Bravada Gold Corp.
Bravo Venture Group Inc. is well financed to continue 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. Bravo is planning an aggressive 2010 exploration program at Homestake Ridge, with an expected budget of $6 million for +12,000 metres of drilling, which will offset open-ended mineralization at the newly discovered Homestake Silver Deposit and drill-test six exploration targets identified primarily by last season’s airborne geophysical survey. Additional metallurgy and permitting will also be included in the program. Currently, the Company is working with Scott Wilson, Roscoe, Postle Associates Inc. to update a resource for the property and to prepare for a Preliminary Assessment of potential economics of the property.
Bravada Gold Corp. will explore its extensive Carlin-type gold holdings, strategically located within the Battle Mountain/Eureka “Cortez” gold trend in Nevada. Bravada is planning a 2010 budget of $1,000,000, which will consist of approximately 2,000 metres of drilling in order to test identified targets at two or more of its properties. In addition, the program will include extensive geologic, geochemical, and geophysical work in order to identify drill targets at its newest holding, the NSR property, located in the prolific Cortez Mining district.
-30-
On behalf of the Board of Directors
“Joseph A. Kizis, Jr.”
Joseph A. Kizis Jr., Director, President, Bravo Venture Group Inc.
For further information, please visit the company’s website at bravoventuregroup.com or contact Jeff Stuart at either 1-888-456-1112 or 604-641-2771 or by email at jstuart@mnxltd.com.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents of this news release, which has been prepared by management. We seek safe harbor.
NEWSLETTER REGISTRIERUNG:
Aktuelle Pressemeldungen dieses Unternehmens direkt in Ihr Postfach:
<a href="http://www.irw-press.com/alert_subscription.php?lang=en&isin=CA1056701032">http://www.irw-press.com/alert_subscription.php?lang=en&isin=CA1056701032</a>
Mitteilung übermittelt durch IRW-Press.com. Für den Inhalt ist der Aussender
verantwortlich.
Kostenloser Abdruck mit Quellenangabe erlaubt.