Bravo Flow-Through Fully Subscribed; First Tranche Closed
Tue Aug 26, 3:50 PM
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VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 26, 2008) - Bravo Venture Group Inc. (TSX VENTURE: BVG.V)(FRANKFURT:B6I) reported today that the previously announced non-brokered flow-through private placement has been fully subscribed and that a first tranche consisting of 7,486,359 flow-through units for C$2,063,750 to MineralFields Group, MTAX 2008 Mineral Limited Partnership, Augen Capital Corp. and Dundee Securities is now closed.
Each unit issued in the first tranche consists of one common flow-through share and one-half transferable non flow-through share purchase warrant, with each whole warrant exercisable to purchase one additional common share at an exercise price of $0.35 per share for a period of eighteen months from the closing date.
All proceeds from this placement will be expended to fund the continuance of the approximate, 7,500 metre drill program at the Homestake Ridge project in NW British Columbia which is currently underway. 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 December 23, 2008.
The second tranche consisting of 1,213,641 flow-through units for C$328,750 will complete the previously announced non-brokered flow-through private plancement of 8.7 million units for total proceeds of C$2,392,500.
Bravo also is proceeding with the non flow-through unit offering previously announced of up to 2.4 million units priced at C$0.25 per unit comprising one common share and one full share purchase warrant. Each warrant can be exercised to purchase one additional common share at C$0.30 per share for 18 months.
Bravo said the balance of the flow-through offering and the non flow-through offering are expected to close no later than September 5, 2008.
"We are very pleased with our relationship with all of the placees, MineralFields Group, MTAX 2008 Mineral Limited Partnership, Augen Capital Corp. and Dundee Securities," said Joe Kizis, President. "We look forward to working with them as we continue to develop our holdings in British Columbia."
Homestake Ridge Property, British Columbia
The property consists of Mineral Title claims and Crown Grant claims in which a 100% interest was earned by Bravo from Teck Cominco and a private Optionor, respectively. On portions of the located mineral claims there is a 2% NSR royalty in favour of Teck Cominco and on other portions of the located mineral claims there is a 2% NSR royalty in favour of the original Optionor. Bravo has the right to purchase 1% of the Teck Cominco royalty for $1 million and 1% of the original Optionor's royalty for $1 million. The balance of the Property consisting of Crown Granted mineral claims in which Bravo has earned a 100% interest, subject to a 2% NSR royalty.
In March 2007 Bravo announced an Inferred Resource estimate at the Main Homestake zone 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 (see NR-04-07)(1). Drilling through 2007 has tested a 600-metre strike length of the mineralized horizon to depths of over 600 metres. The deposit remains open down dip and along strike to the southeast and northwest. A long section showing the location of completed drill holes and holes to be drilled during the 2008 season has been posted on the company's website at www.bravoventuregroup.com.
About Bravo Venture Group Inc.
Bravo Venture Group Inc. is focused on exploring precious and base metal-rich projects within North America, currently with properties in Nevada, Alaska, and British Columbia. The company has extensive holdings strategically located within the Battle Mountain/Eureka "Cortez" gold trend in Nevada. The Woewodski Island project in southeast Alaska hosts both precious and base metal-rich massive sulphides and gold-rich orogenic quartz veins. The Homestake Ridge project is a gold-rich epithermal/VMS-related vein system within Eskay Creek/Silbak-Premier stratigraphy.
Rob Macdonald (P.Geo.) is the Qualified Person responsible for reviewing the technical results reported in this release.
On behalf of the Board of Directors
Joseph A. Kizis Jr., Director, President, Bravo Venture Group Inc.
(1) An 'Inferred Mineral Resource' is that part of a Mineral Resource for which quantity and grade or quality can be estimated on the basis of geological evidence and limited sampling and reasonably assumed, but not verified, geological and grade continuity. The estimate is based on limited information and sampling gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes. Due to the uncertainty which may attach to Inferred Mineral Resources, it cannot be assumed that all or any part of an Inferred Mineral Resource will be upgraded to an Indicated or Measured Mineral Resource as a result of continued exploration. Confidence in the estimate is insufficient to allow the meaningful application of technical and economic parameters or to enable an evaluation of economic viability worthy of public disclosure. Inferred Mineral Resources must be excluded from estimates forming the basis of feasibility or other economic studies (43-101CP, CIM, 2001).
We seek safe harbor.
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.
Contacts
Jay Oness
Bravo Venture Group Inc.
1-888-456-1112 or (604) 684-9384
Emai: corpdev@mnxltd.com
Website: www.bravoventuregroup.com |
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