Bravada Gold (BVA.V) is tapping the equity markets again in an attempt to raise C$1.5M in a placement consisting of 30 million units priced at C$0.05 per unit. Each unit will consist of one common share of Bravada Gold as well as a full warrant allowing the warrant holder to acquire an additional share of Bravada at C$0.10 (100% above the placement price) for a period of two years.
The proceeds from this financing will be used for an additional drill program on the flagship Wind Mountain gold project in Nevada. This new drill program will try to further increase both the tonnage as well as the grade of the gold deposit at Wind Mountain. An updated resource estimate, the first one in about 10 years which will incorporate all drilling up to the end of last year, should be ready in the next few months, followed by the PEA which is now anticipated to be published by the end of Q2 or early Q3.
Disclosure: The author has a long position in Bravada Gold and is participating in the financing. Bravada Gold is a sponsor of the website. Please read our disclaimer.
