pcNewsWire – Bravura Ventures Corp. (CSE: BVQ; OTCPK: BRVVF; FSE: 23B) intends to closeda non-brokered private placement, on post consolidated basis, of 8,000,000 units at $0.25 per unit for gross proceeds of up to $2,000,000.
net proceeds from the non-brokered private placement are intended to be used for general working capital and property acquisitions.
Bravura Venture Corp. Announces Private Placement
Vancouver, British Columbia – Bravura Ventures Corp. (CSE: BVQ; OTC: BRVVF; FRA: 23B) (“Bravura” or the “Company”) announces a non-brokered private placement (the “Private Placement”) on a post consolidated basis of 8,000,000 Units (“Units”) at a price of $0.25 cents per unit for gross proceeds of up to $2,000,000. The financing may be offered pursuant to exemptions available under British Columbia Instrument 45-536. The Company will also have an over-allotment option to place up to an additional 50% of the Financing.
Each Unit will be comprised of one common share of the Issuer (a “Share”) and one half of one common share purchase warrant of the Issuer (each whole warrant, a “Warrant”). Each Warrant will be exercisable into a common share of the Company (a “Warrant Share”) for a period of 12 months at an exercise price of CDN$0.50 during the 12 months.
Finder’s fees or commissions may be payable by the Company in connection with this Private Placement.
The net proceeds from the non-brokered private placement are intended to be used for general working capital and property acquisitions. Bravura has been actively evaluating its current assets as well as new opportunities in the mining space that will potentially increase shareholder value.
Musgrove Creek Update
Bravura has also received information from the U.S Forestry Service (“Forestry”) in Idaho with respect to its lodged Plan of Operations in early 2017. The Forestry reviews and approves exploration permits on the lands they manage with Bravura’s Musgrove Project falling under such jurisdiction. Forestry has provided an update with respect to timelines and an internal pathway for the approval process. The Company initially anticipated the objection and resolution period to be completed by July 2017, however, the Company has been informed by Forestry the resolution should be completed by August – September
The Plan of Operation will be subject to routine public notice periods. Proposed operations under the application may be conducted over a three year period, thus allowing for a flexible drilling program and one that could span multiple field seasons. Proposed operations include the reopening of a total of approximately 2,045 metres of previously- constructed and reclaimed drill roads, the construction of a total of approximately 470 metres of completely new road, and the construction of a total of 14 drill sites each approximately 6 metres by 12 metres in area. As many as 3 drill holes per site may be drilled at each site, for a possible total of up to 42 holes and 12,800 metres of total drilling.
Bravura will provide an update on any finalized exploration and drill programs for 2017, with any decision by the U.S Forestry on the Plan of Operations application, as and when received.
BRAVURA VENTURES CORP.
Greg Burns, Director
Contact Information: 800 – 1199 West Hastings Street Vancouver, British Columbia V6E 3T5 Tel.: 604.283.1722 / Fax: 1.888.241.5996