BVG to Raise $8.6 Million in Oversubscribed PP...Bravo Venture Group Inc.
TSX VENTURE:
BVG
FRANKFURT: B6I
Oct 14, 2009 13:34 ET
Bravo to Raise $8.6 Million in Oversubscribed Private Placements
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 14, 2009) - Bravo Venture Group Inc. (TSXVENTURE:BVG)(FRANKFURT:B6I) reported today that the company'spreviously announced private placements (NR-26-09, Oct.6/09) has beenoversubscribed and the company will now issue a total of 17.95 millioncommon shares in two non-brokered private placements for total grossproceeds of C$8,657,500. The financings are expected to close on orabout October 28th, 2009.
The company shallissue up to 6.35 million units in a non brokered private placement at aprice of C$0.45 per unit to raise C$2,857,500. Each unit will consistof one common share and one-half share purchase warrant, each wholewarrant exercisable to purchase one additional common share at anexercise price of C$0.50 per share for a period of two years from theclosing date. Net proceeds will be for general working capital and tofinance the company's "Plan of Arrangement" with Bravada GoldCorporation. Finder's fees may be payable.
The companyshall also issue up to 11.6 million units in a non-brokeredflow-through private placement at a price of C$0.50 per unit to raiseC$5.8 million. Each unit will consist of one common flow through shareand one-half non flow-through share purchase warrant, each wholewarrant exerciseable to purchase one additional common share at anexercise price of $0.60 per share for a period of two years from theclosing date. All proceeds from this placement will be expended to fundthe continuance of the expanded 10,000 – 11,000 metre drill program atthe Homestake Ridge project in NW British Columbia which is currentlyunderway. Finders fees may be payable.
About Bravo Venture Group Inc.
BravoVenture Group Inc. is focused on exploring its precious and basemetal-rich Homestake Ridge project in British Columbia, a gold-richepithermal/VMS-related system within Eskay Creek/Silbak-Premierstratigraphy. Pursuant to the recently announced "Plan of Arrangement",Bravada Gold Corp. will focus on exploring Bravo's extensiveCarlin-type gold holdings strategically located within the BattleMountain/Eureka "Cortez" gold trend in Nevada.
On behalf of the Board of Directors
Joseph A. Kizis Jr., Director, President,
Bravo Venture Group Inc.
Neither TSX Venture Exchange nor itsRegulation Services Provider (as that term is defined in the policiesof the TSX Venture Exchange) accepts responsibility for the adequacy oraccuracy of this release.