RE: RE: BRAVO GOLD - Escrow closed.Each holder of an issued Class B share of BVG will exchange such share for one Class A BVG share, and one Bravada common share (being a portion of the Transfer Consideration) for each 10 Class B shares of BVG held by such holder; the Class B shares will be cancelled and the authorized share capital of BVG will be further amended by redesignating the Class A shares as common shares.
BVG will receive 24,119,217 common shares from Bravada Gold Corporation as part of the Plan of Arrangement of which 14,471,530 (60%) common shares will be distributed to BVG shareholders on the effective date and the remaining 9,647,687 (40%) common shares will be held by BVG.
BVG also received 1,500,000 common shares for gross proceeds of $1,500,000 from Bravada Gold Corporation as part of the Arrangement. This initial funding will cover the Bravada Gold Corporation’s exploration and administrative expenses for the ensuing year.
Share holders BVG approved the Plan of arrangement on February 9, 2010.