PP closed!Bravo Closes Previously Announced Equity Placements
12:46 PM ET, December 15, 2008
VANCOUVER, BRITISH COLUMBIA, Dec 15, 2008 (Marketwire via COMTEX) --Bravo Venture Group Inc. (BVG)(FRANKFURT:B6I) reported today that thecompany has now closed three previously announced non-brokered privateplacements for a total of 4.75 million common shares for total grossproceeds of C$1,692,500.
The company has now closed the previously announced (November 21st and26th, 2008) non-brokered private placement consisting of 3.6 millionunits at a price of C$0.35 per unit to raise C$1.26 million. Each unitconsists of one common share and one share purchase warrant exercisableto purchase one additional common share at an exercise price of C$0.40per share for a period of two years from the closing date. In the eventthat the company's shares trade at a closing price of greater than$0.80 per share for a period of 20 consecutive days at any time aftersix months from closing, the company may accelerate the expiry date ofthe Warrants by providing notice to the shareholders thereof and insuch case the Warrants will expire on the 30th day after the date onwhich such notice is given by the Corporation. The 3.6 million unitprivate placement with all the common shares issued pursuant to thisunit offering, including share purchase warrants and units issued asfinders fees, carry a legend restricting the shares from trading for aperiod of four months until April 13th, 2009. Net proceeds will be forgeneral working capital.
The company has also closed on the previously announced (November 27th,2008) non-brokered private placement consisting of 550,000 units at aprice of C$0.35 per unit to raise C$192,500. Each unit consists of onecommon share and one share purchase warrant exercisable to purchase oneadditional common share at an exercise price of C$0.48 per share for aperiod of two years from the closing date. In the event that thecompany's shares trade at a closing price of greater than $0.80 pershare for a period of 20 consecutive days at any time after six monthsfrom closing, the company may accelerate the expiry date of theWarrants by providing notice to the shareholders thereof and in suchcase the Warrants will expire on the 30th day after the date on whichsuch notice is given by the Corporation. The 550,000 unit privateplacement with all the common shares issued pursuant to this unitoffering, including share purchase warrants and units issued as findersfees, carry a legend restricting the shares from trading for a periodof four months until April 13th, 2009.
Net proceeds will be for general working capital.
As well, the company has closed on the previously announced (November21st, 2008) non-brokered flow-through private placement of 600,000units at a price of C$0.40 per unit to raise C$240,000. Each unitconsists of one common flow-through share and one-half non flow-throughshare purchase warrant, each whole warrant exercisable to purchase oneadditional common share at an exercise price of $0.50 per share for aperiod of eighteen months from the closing date. All proceeds from thisplacement will fund ongoing exploration costs at the Homestake Ridgeproject in NW British Columbia. The 600,000 unit private placement withall the common shares issued pursuant to this unit offering, includingshare purchase warrants and units issued as finders fees, carry alegend restricting the shares from trading for a period of four monthsuntil April 6th, 2009.
On behalf of the Board of Directors
Joseph A. Kizis Jr., Director, President, Bravo Venture Group Inc.
We seek safe harbor.
SOURCE: Bravo Venture Group Inc.
Bravo Venture Group Inc.
Jay Oness
1-888-456-1112
or (604) 684-9384
Email: corpdev@mnxltd.com
Website:
www.bravoventuregroup.com