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News
07.05.2009
Bravo arranges brokered, non-brokered financings
Bravo arranges brokered, non-brokered financings
Bravo Venture Group Inc (C:BVG)
Shares Issued 97,957,334
Last Close 5/4/2009 $0.30
Tuesday May 05 2009 - News Release
Mr. Joseph Kizis Jr. reports
BRAVO ENGAGES HAYWOOD FOR $5.0 MILLION PRIVATE PLACEMENT
Bravo Venture Group Inc. has engaged Haywood Securities Inc. to complete a private placement offering, on a marketed reasonable best-efforts agency basis, to raise gross proceeds of $5.0-million from the sale of flow-through units and common share units to raise the respective amounts of $4.0-million and $1.0-million.
The private placement financing is expected to close on or about May 26th, 2009 and will consist of:
Flow through Units:
Up to 13,333,333 "flow-through units" priced at $0.30 per flow-through unit. Each of these units will consist of one flow-through share and one-half non flow-through 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.
Common share units:
Up to 3,333,333 "common share units" priced at $0.30 per common share unit. Each of these units will consist of one common 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.
The shares will be 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.
Net proceeds will be used to fund a 7,500-8,000 m drilling program at Homestake Ridge, with a focus on possible expansion to the NW 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 SE Alaska.
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.
Bravo also reported today that the company plans a $250,000 non-brokered private placement of common share units 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.
Bravo Venture Group Inc (C:BVG)
Shares Issued 97,957,334
Last Close 5/4/2009 $0.30
Tuesday May 05 2009 - News Release
Mr. Joseph Kizis Jr. reports
BRAVO ENGAGES HAYWOOD FOR $5.0 MILLION PRIVATE PLACEMENT
Bravo Venture Group Inc. has engaged Haywood Securities Inc. to complete a private placement offering, on a marketed reasonable best-efforts agency basis, to raise gross proceeds of $5.0-million from the sale of flow-through units and common share units to raise the respective amounts of $4.0-million and $1.0-million.
The private placement financing is expected to close on or about May 26th, 2009 and will consist of:
Flow through Units:
Up to 13,333,333 "flow-through units" priced at $0.30 per flow-through unit. Each of these units will consist of one flow-through share and one-half non flow-through 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.
Common share units:
Up to 3,333,333 "common share units" priced at $0.30 per common share unit. Each of these units will consist of one common 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.
The shares will be 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.
Net proceeds will be used to fund a 7,500-8,000 m drilling program at Homestake Ridge, with a focus on possible expansion to the NW 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 SE Alaska.
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.
Bravo also reported today that the company plans a $250,000 non-brokered private placement of common share units 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.