Bravada Announces Private Placement and Acquisition of New Gold Project in Nevada

Newsfile Corp.
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Vancouver, British Columbia--(Newsfile Corp. - August 22, 2024) - Bravada Gold Corporation (TSXV: BVA) (OTCQB: BGAVF) (FSE: BRTN) ("Bravada" or the "Company") announces that it will undertake a non-brokered private placement consisting of up to 10,000,000 units ("Units") at a price of $0.035 per Unit for gross proceeds of $350,000 (the "Offering"). Each Unit consists of one common share and one share purchase warrant, with each warrant exercisable to purchase one additional common share for a period of three years at an exercise price of $0.05 per share. The Company will make provision for an over-allotment option (Greenshoe) to allow a purchase of up to 10% additional Units beyond the number of Units in this private placement.

Based on successfully completing the Offering, net proceeds from the private placement are proposed to be spent on exploration and land costs, including the exploration program outlined below (approximately 60%, with 4% thereof payable to non-arm's length parties), and general working capital (approximately 40%, with 6% thereof payable to non-arm's length parties). No amounts are proposed to be spent on investor relations activities.

The Company proposes to conduct a Phase 1 program to explore and develop drill targets on a new low-sulfidation gold and silver property, named the East Walker project, located in an actively explored portion of the Walker Lane Gold trend in western Nevada. The project was acquired by staking claims on open Federal ground. Phase 1 consists of:

  • Compiling historic assays and limited drill data,

  • Integrate historic data with detailed geologic mapping,

  • Sample potential mineralized structures for assay, and

  • Define initial geophysical surveys.

Recently, several new discoveries and major extensions of known high-grade gold/silver deposits have been announced with similar geologic settings as identified on East Walker project. Work to date by the Company has identified significant "leakage" anomalies of gold and pathfinder elements at the currently exposed "paleosurface-level" of the large, metal-bearing hydrothermal system, indicating that high-grade mineralization was not tested beneath shallow historic drill holes.

The Company may pay finders' fees comprised of cash and non-transferable warrants in connection with the Offering, subject to compliance with the policies of the TSX Venture Exchange. All securities issued and sold under the Offering will be subject to a hold period expiring four months and one day from their date of issuance. Completion of the Offering and the payment of any finders' fees remain subject to the approval of the TSX Venture Exchange.

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