VANCOUVER, Oct. 6, 2016 /CNW/ - Bravura Ventures Corp. (CSE: BVQ) (FSE: 23B) (OTCBB: BRVVF) ("Bravura" or the "Company") (the "Company") announces that the Company has closed and oversubscribed its previously announced non-brokered private placement (news release dated August 29th, 2016).
Greg Burns comments "the closing of this financing is the beginning of what we feel will be a very exciting time for Bravura shareholders. With this strategic capital in place, we are positioned to execute our corporate growth plan which focuses on the acquisition of high quality gold properties that will add immediate shareholder value."
The oversubscribed private placement consisted of 5,015,167 Units ("Units") at a price of $0.30 per Unit for gross proceeds of $1,504,550. Each Unit consists of one common share of the Company (a "Share") and one half of one common share purchase warrant (a "Warrant"). Each Warrant entitles the holder to purchase one additional common share of the Company for a period of 24 months at an exercise price of CDN $0.40 expiring 24 months from date of issue.
Each warrant is subject to accelerated expiry provisions, such that if at any time after the expiry of any resale restriction governing the subscribed shares, the corporation's common shares trade on the CSE at or above a volume-weighted average trading price of 50 cents per common share for 10 consecutive trading days, the company may give notice to the holders that each warrant will expire 30 days from the date of providing such notice.
In connection with the private placement the Company issued a cash finder's fee of $30,504 and 121,863 finder's warrants at an exercise price of $0.40 expiring 24 months from date of issue.
All securities issued in connection with the offering are subject to a four month plus one day hold period.
The net proceeds from the non-brokered private placement are intended to be used for property acquisitions, property expenditures, and general working capital.
BRAVURA VENTURES CORP.
Greg Burns, Director
Caution Regarding Forward-Looking Statements – This news release contains certain forward-looking statements, including statements regarding the business and anticipated financial performance of the Company. These statements relate to future events or future performance. The use of any of the words "could", "intend", "expect", "believe", "will", "should", "projected", "if", "estimated" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company's current belief or assumptions as to the outcome and timing of such future events. These statements are subject to a number of risks and uncertainties. Actual results may differ materially from results contemplated by the forward-looking statements. When relying on forward-looking statements to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and should not place undue reliance on such forward-looking statements. The Company does not undertake to update any forward looking statements, oral or written, made by itself or on its behalf except as required by law.
SOURCE Bravura Ventures Corp.
For further information: 800 - 1199 West Hastings Street, Vancouver, British Columbia, V6E 3T5, Tel.: 604.283.1722 / Fax: 1.888.241.5996