Bravo Venture closes $5.32-million first tranche 2009-10-29 12:17 ET - News Release Mr. Joseph Kizis reports BRAVO $8.6 MILLION PRIVATE PLACEMENTS COMPLETED; FIRST TRANCHE CLOSED Bravo Venture Group Inc. has completed its previously announced, non-brokered common share unit placement and flow-through private placements. It has closed a first tranche of the private placement consisting of 5,185,000 flow-through units and 6,062,921 non flow-through units for $5,320,814. Each flow-through unit issued in the first tranche consists of one common flow-through share priced at 50 cents per share and one-half of a non-flow-through share purchase warrant, with one whole warrant exercisable to purchase one common share at a price of 60 cents per share, for a period of two years. The proceeds from this placement will finance continuing exploration at the the Homestake Ridge project in northwestern British Columbia. All the common shares issued pursuant to this unit offering, including share purchase warrants and warrants issued as finders' fees, carry a legend restricting the shares from trading for a period of four months which expires on Feb. 28, 2010. Each brokered common share unit issued in the first tranche consists of one common share priced at 45 cents per share and one share purchase warrant exercisable to purchase one common share at a price of 50 cents per share, for a period of two years. All the common shares issued pursuant to this unit offering, including share purchase warrants and warrants issued as finders' fees, carry a legend restricting the shares from trading for a period of four months which expires on Feb. 28, 2010. The second tranche consisting of 6,415,000 flow-through units and 287,079 non flow-through units for $3,336,686 is scheduled to close on Nov. 4, 2009, and will complete the financing for gross proceeds to Bravo of $8,657,500. The offering is subject to the receipt of all necessary corporate and regulatory approvals, including the approval of the TSX Venture Exchange. Applicable finders' fees of six per cent in cash and six per cent brokers' warrants also are subject to regulatory approval. |