VANCOUVER, Aug. 16, 2017 /CNW/ - Bravura Ventures Corp. (CSE: BVQ; OTC: BRVVF; FRA: 23B) ("Bravura" or the "Company") wishes to announce that it has closed its previously announced acquisition of 1033602 Canada Inc. (the "Target") pursuant to a share exchange agreement, dated July 28, 2017 (the "Share Exchange Agreement"), among Bravura, the Target and the shareholders of the Target. The Target holds the approximately 1000 hectare Rabbit Cobalt-Gold-Nickel-Silver Property located 55km south of Cobalt, Ontario.
Pursuant to the Share Exchange Agreement Bravura paid a cash payment of $350,000 and issued a total of 4,000,000 common shares in the capital of the Company (the "Share"), to the shareholders of the Target in exchange for 1,000,000 Class A common shares in the capital of the Target (the "Acquisition"). A finder's fee in the amount of $35,000 was paid in connection with the Acquisition.
Greg Burns, CEO commented "This is a great step to our overall goal of expanding our land package and developing a resource in the town of Cobalt. Also with other recent company consolidations/acquisitions in the area it has reinforced our position on the project and direction of the company."
"The rabbit has great exploration potential as it has strong showings and has yet to be drilled out. With the majority of cobalt coming out of the Democratic Republic of Congo to have a plot of land in a stable political environment with great exploration potential, is a very exciting and something we look to take advantage of."
About the Rabbit Cobalt Property:
The Rabbit Cobalt property is located 14 km southeast of the town of Temagami near the eastern border of Ontario. The district is mining friendly having a rich history of cobalt and silver production. 55km north of the property is Cobalt, Ontario. The epicentre of past producing cobalt mines in Ontario.
Property Status and Configuration
The approximately 1,040 ha Rabbit Cobalt property is comprised of 65 claim units.
Access and Infrastructure
The Property is accessible via Rabbit Lake which is accessed by 7 km of well-maintained gravel surface road leaving highway 11, 3.5 km south of the town of Temagami. The property is located 10 km from rail and 5 km from power distribution lines.
Cobalt, gold and nickel mineralization is hosted within a fracture zone in diabase approximately 18 inches in width. The fracture is described as being at the contact between the mafic intrusive and the Gowganda Formation. A grab sample collected by A.G. Burrows returned an assay of 8.76% Cobalt, and 6.56% Nickel. The grab samples are selective samples, and are not necessarily representative of the mineralization hosted on the property.
The town of Cobalt, Ontario is located along the Quebec border, near Temiskaming Shores in Northern Ontario. The town sprang up to serve as its hub during the cobalt silver rush. Sporadic exploration of the property has occurred since at least 1955 with minimal focus on cobalt mineralization in more recent years. In 2002 JML Resources flew airborne geophysics over several prospects in the area looking for diamondiferous kimberlites and partially covered the property. Tres-Or Resources in 2005 was also exploring the area for diamondiferous kimberlites.
Further the Company is evaluating a name change to better reflect its new positioning and will provide an update as further decisions are made.
ON BEHALF OF THE BOARD OF DIRECTORS OF BRAVURA VENTURES CORP.
Greg Burns, Director
Disclaimer for Forward-Looking Information
Historical data for the prospects were performed under supervision of a Professional Engineer or a geologist, and believed to be of good quality, with drill core and underground sampling results from fire assay analyses by B.C. Certified Assayers. However, under NI43-101 policy historical information included in this release has not been verified by a QP, and as such cannot be relied upon and must be treated as historical in nature.
This press release contains "forward-looking information" within the meaning of applicable securities laws, including statements that address capital costs, recovery, grade, and timing of work or plans at the Company's mineral projects. Forward-looking information may be, but not always, identified by the use of words such as "seek", "anticipate", "plan", "planned", "continue", "expect", "thought to", "project", "predict", "potential", "targeting", "intends", "believe", "opportunity", "further" and others, or which describes a goal or action, event or result such as "may", "should", "could", "would", "might" or "will" be undertaken, occur or achieved. Forward-looking information in this press release includes, but is not limited to, statements regarding expectations of management regarding the acquisition of the Property and includes that address future mineral production, reserve potential, potential size or scale of a mineralized zone, potential expansion of mineralization, potential type(s) of mining, potential grades as well as to the Company's ability to fund ongoing expenditure, or assumptions about future metal or mineral prices, currency exchange rates, metallurgical recoveries and grades, favourable operating conditions, access, political stability, obtaining or renewal of existing or required mineral titles, licenses and permits, labour stability, market conditions, availability of equipment, accuracy of any mineral resources, anticipated costs and expenditures. Assumptions may be based on factors and events that are not within the control of the Company and there is no assurance they will prove to be correct. Such forward-looking information involves known and unknown risks, which may cause the actual results to materially differ, and/or any future results expressed or implied by such forward-looking information. Although the Company believes that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. Such forward-looking information is subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements including, without limitation, the risks that the Company may not have the funds necessary to make its payments pursuant to the Agreement, that the CSE may not approve the transaction, and other factors beyond the control of the Company.
Additional information on risks and uncertainties can be found within Financial Statements and other materials found on the Company's SEDAR profile at www.sedar.com. Although Bravura has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there can be no assurance that such information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Bravura withholds any obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, unless 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