Bravo Gold to Raise $2.84M to Expand British Columbian Mine
Posted September 01, 201010:27AM PST
Bravo Gold Corp.,a Canadian gold producer, said it plans to raise $2.84 million in aprivate placement of flow-through common stock and warrants to fund theexpansion of its Homestake Ridge project in northwestern BritishColumbia.
Vancouver-based Bravo is issuing 15 million units, each consistingof one flow-through share and a warrant to purchase half of a commonshare, for 18.96 cents each. The price reflects a premium of 4.2%compared with the price where Bravo Gold shares closed yesterday.
The two-year warrants can be converted into 7.5 million common shares for 23.7 cents each.
The offering represents a 10.6% stake in Bravo.
In June, Bravo said it planned a C$6 million (U.S. $5.71 million),12,000-meter, two-drill program at Homestake Ridge. The new funds willbe used to increase the depth to 15,000 meters.
The company posted a loss of C$2.19 million in its fiscal thirdquarter ended April 30, versus a loss of C$748,834 a year earlier.
This is Bravo's first PIPE transaction.
Year-to-date, miners and metals, minerals and stones producers have raised more than $4.79 billion from 231 private placements.
source:
https://pipes.dealflowmedia.com/wires/article.cfm?id=hnkieploaigxvkv
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Private Investment in Public Equity - PIPE:
https://en.wikipedia.org/wiki/Private_investment_in_public_equity