private placement newsBreaking News
Bravo Announces Non-Brokered Flow-Through and Unit Financing
13:45 EDT Tuesday, September 19, 2006
VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Sept. 19, 2006) - Bravo Venture Group Inc. (TSX VENTURE:BVG)(FWB:B6I) reported today that the company has agreed to issue a total of 7.9 million common shares in two non-brokered private placements for total gross proceeds of C$9,676,000.
The company has agreed to issue 6.5 million units in a non brokered private placement at a price of C$1.20 per unit to raise C$7.8 million. Each unit offering will consist of one common share and one half share purchase warrant, with each full warrant exercisable to purchase one additional common share at an exercise price of C$1.50 per share for a period of eighteen months. Proceeds will fund currently planned drill programs including C$1.8 million earmarked for Woewodski Island and C$1.5 million for first stage drilling on eight projects within the Battle-Mountain/Eureka trend in Nevada. The offering provides for follow-up drilling as may be warranted by results and for general working capital. Finder's fees may be payable.
The company has also agreed to issue 1.4 million common shares in a non-brokered flow-through private placement at a price of C$1.34 per common share to raise C$1,876,000 million. The proceeds from the 1.4 million "flow-through" common shares (no warrant) offering will be applied to the drill program at the Homestake Ridge project in NW British Columbia. Finders fees may be payable.
The private placements and finders fees are subject to regulatory approval.
On behalf of the Board of Directors
Robert E.Swenarchuk, Director
Bravo Venture Group Inc.