Bravada Announces Capital Consolidation and Agreement to Sell Subsidiary Companies
20 Fevereiro 2014 - 6:30PM
Marketwired
Bravada Announces Capital Consolidation and Agreement to Sell
Subsidiary Companies
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb 20, 2014) -
Bravada Gold Corporation ("Bravada" or the "Company")
(TSX-VENTURE:BVA)(FRANKFURT:BRT) has signed a Letter of Intent with
a private equity firm ("Purchaser") to sell all issued and
outstanding shares of the Company's two subsidiary companies for
CDN$6.8 million ("Sale Proceeds"). The transaction (the
"Transaction") is subject to several conditions precedent
including, a 45-day due diligence period by Purchaser, approval by
Bravada's shareholders, and a capital consolidation of Bravada's
common shares.
Purchaser will provide to Bravada a CDN$250,000 senior secured
convertible credit facility (the "Facility"), to be repaid from
Sale Proceeds upon closing of the Transaction. Funds from the
Facility will be utilized by Bravada in payment of property
expenses of its subsidiaries and transactional costs related to the
acquisition of requisite approvals for the Transaction. The two
subsidiary companies hold rights to mineral assets in Nevada.
Bravada's Directors have resolved to approve the Transaction; to
convene a Meeting of shareholders to consider approval of the
Transaction; and have agreed to deposit proxies with respect to
their respective shares voting in favour of the Transaction.
Bravada's Board of Directors has approved a capital
consolidation on the basis of one new share for each ten old shares
of the Company to allow compliance with the TSX Venture Exchange's
definition of "Discounted Market Price" for equity financing
purposes. The consolidated shares (CUSIP #10567D204) are expected
to begin trading on or about February 28, 2014. Upon completion of
the capital consolidation, the Company will have 11,970,342 shares
issued and outstanding of which, approximately 9.7% are held by
Homestake Resource Corporation (HSR.V). The Company's name will not
be changed in connection with this consolidation. The consolidation
is subject to acceptance by the TSX Venture Exchange.
President Joe Kizis commented, "For some considerable period
of time in difficult markets, the Company endeavored to attract
equity capital or joint-venture partners to fund continued
exploration on its mineral properties. Sale of these assets
represents a significant premium to the market valuation of the
Company, provides immediate and certain value to the Company's
shareholders together with a risk mitigation strategy to
shareholders in volatile market conditions and uncertain commodity
prices, and an opportunity to utilize net working capital in the
approximate amount of $5.2 million in acquisition and exploration
of mineral properties to be identified and explored with
exploration and development expertise of Bravada's experienced
personnel."
On behalf of the Board of Directors of Bravada Gold
Corporation
Joseph A. Kizis, Jr., Director, President, Bravada Gold
Corporation
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
This news release may contain forward-looking statements
including but not limited to comments regarding the timing and
content of upcoming work programs, geological interpretations,
receipt of property titles, potential mineral recovery processes,
etc. Forward-looking statements address future events and
conditions and therefore involve inherent risks and uncertainties.
Actual results may differ materially from those currently
anticipated in such statements. These statements are based on a
number of assumptions, including, but not limited to, assumptions
regarding general economic conditions, interest rates, commodity
markets, regulatory and governmental approvals for the company's
projects, and the availability of financing for the company's
development projects on reasonable terms. Factors that could cause
actual results to differ materially from those in forward looking
statements include market prices, exploitation and exploration
successes, the timing and receipt of government and regulatory
approvals, and continued availability of capital and financing and
general economic, market or business conditions. Bravada Gold
Corporation does not assume any obligation to update or revise its
forward-looking statements, whether as a result of new information,
future events or otherwise, except to the extent required by
applicable law.
Bravada Gold CorporationJoseph A. Kizis, Jr.Director,
President604.899.2515 or Toll Free:
1.888.456.1112www.bravadagold.com
Bravada Gold (TSXV:BVA)
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