Bravada Gold (BVA.V) has closed a first tranche of its previously announced financing, raising C$567,000 by issuing 8.1M units at C$0.07 (with each unit consisting of one share and a full warrant with a strike price of C$0.12 and expiring in 4 years).
The proceeds will be used for a drill program on the SF project, and Bravada is currently moving ahead with the purchase of drill supplies and the construction of drill sites. SF is located just a few kilometers east of Barrick Gold’s (GOLD, GOLD.TO) Goldrush deposit, and CEO Joe Kizis seems to be very keen to get a drill rig on site as soon as possible. An RC rig will arrive on site by the end of June, where after drilling could begin.
In a new video update, CEO Kizis explains why the SF project is the logical choice to spend the recently raised money on.