/NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED
STATES/
VANCOUVER, BC, June 7, 2023
/CNW/ - Bravo Mining Corp. (TSXV: BRVO) (OTCQX: BRVMF)
("Bravo" or the "Company") is pleased to announce an
increase in the size of its previously announced private placement
offering (the "Concurrent Private Placement") of common shares of
the Company ("Common Shares"). The size of the Concurrent Private
Placement, which is being conducted in addition to the Offering (as
defined below) and on a best efforts agency basis, has been
increased to up to 1,504,992 Common Shares at a price of
C$3.50 per Common Share for gross
proceeds of up to C$5,267,472.
Assuming completion of the Offering and the Concurrent Private
Placement, the aggregate gross proceeds to the Company will be up
to C$25,034,306.50 (if the
Over-Allotment Option (as defined below) for the Offering is
exercised in full).
As previously announced in the Company's news releases dated
May 30, 2023 and June 1, 2023, the Company is conducting a best
efforts public offering of 4,911,015 Common Shares at a price of
C$3.50 per Common Share for gross
proceeds of C$17,188,552.50 (the
"Offering"). Canaccord Genuity Corp., National Bank Financial Inc.
and BMO Capital Markets are acting as co-lead agents for the
Offering and the Concurrent Private Placement on behalf of a
syndicate that includes Cormark Securities Inc. and Raymond James
Ltd. (collectively, the "Agents").
The Company has also granted to the Agents an option (the
"Over-Allotment Option") exercisable, in whole or in part for a
period of 30 days from and including the closing date of the
Offering to sell up to such number of additional Common Shares at a
price of C$3.50 per Common Share as
is equal to 15% of the number of Common Shares issued pursuant to
the Offering.
The closing of the Offering is expected to occur on or about
June 8, 2023, or on such date as
agreed upon between the Company and the Agents, and is subject to
the Company receiving all necessary regulatory approvals, including
the approval of the TSX Venture Exchange. The closing of the
Concurrent Private Placement is expected to occur on or about
June 15, 2023 and is subject to the
Company receiving all necessary regulatory approvals, including the
approval of the TSX Venture Exchange.
In connection with the Offering, the Company has filed a
prospectus supplement (the "Supplement") to the Company's short
form base shelf prospectus dated May 16,
2023 (the "Shelf Prospectus"), with the securities
regulatory authorities in each of the provinces of Canada (except Quebec). Copies of the Shelf Prospectus and
Supplement can be found under the Company's profile on SEDAR at
www.sedar.com. The Shelf Prospectus and the Supplement contain
important detailed information about the Company and the Offering
including the proposed use of proceeds therefrom. Prospective
investors should read the Supplement and accompanying Shelf
Prospectus and the documents incorporated by reference therein
before making an investment decision.
The Common Shares have not been and will not be registered under
the United States Securities Act of 1933, as amended (the "U.S.
Securities Act") and may not be offered or sold in the United States absent registration or an
applicable exemption from the registration requirements under the
U.S. Securities Act and applicable states securities laws. This
news release shall not constitute an offer to sell or the
solicitation of an offer to buy nor shall there be any sale of any
securities in any jurisdiction in which such offer, solicitation or
sale would be unlawful.
About Bravo Mining Corp.
Bravo is a Canada and
Brazil-based mineral exploration
and development company focused on advancing its Luanga PGM + Au +
Ni Project in the world-class Carajás Mineral Province of
Brazil.
The Luanga Project benefits from being in a location close to
operating mines, with excellent access and proximity to existing
infrastructure, including road, rail and clean and renewable hydro
grid power. The project area was previously de-forested for
agricultural grazing land. Bravo's current Environmental, Social
and Governance activities includes replanting trees in the project
area, hiring and contracting locally, engagement with local
communities, and ensuring protection of the environment during its
exploration activities.
Forward-Looking Statements
Certain statements ("forward-looking statements") in this
news release contain forward-looking information concerning the
Offering and the Concurrent Private Placement, the size of the
Offering and the Concurrent Private Placement, the use of proceeds
thereof, the anticipated closing dates of the Offering and the
Concurrent Private Placement, and the receipt of regulatory
approvals, including the approval of the TSX Venture Exchange,
plans related to Bravo's business and other matters that may occur
in the future, made as of the date of this news release.
Forward-looking statements are subject to a variety of known and
unknown risks, uncertainties and other factors which could cause
actual events or results to differ from those expressed or implied
by the forward-looking statements. Such factors include, but are
not limited to business closures, quarantines and a general
reduction in consumer activity; actual results and timing of
exploration and development, mining, environmental services and
remediation and reclamation activities; future prices of
commodities; possible variations in mineral resources, grade or
recovery rates; failure of plant, equipment or processes to operate
as anticipated; accidents, labour disputes and other risks of the
mining industry; indigenous rights and title; continued
capitalization and commercial viability; global economic
conditions; competition; and delays in obtaining governmental
approvals or financing or in the completion of development
activities. Forward-looking statements are based on certain
assumptions that management believes are reasonable at the time
they are made. In making the forward-looking statements included in
this news release, Bravo has applied several material assumptions,
including, but not limited to, the assumption that Bravo will be
able to raise additional capital as necessary, that the proposed
exploration and development activities will proceed as planned, and
that market fundamentals will result in sustained demand and prices
for platinum group metals, gold and nickel. There can be no
assurance that forward-looking statements will prove to be accurate
and actual results and future events could differ materially from
those anticipated in such statements. Bravo expressly disclaims any
intention or obligation to update or revise any forward-looking
statements whether as a result of new information, future events or
otherwise, except as otherwise required by applicable securities
legislation
Neither the TSXV nor its Regulation Services Provider (as
that term is defined in the policies of the TSXV) accepts
responsibility for the adequacy or accuracy of this Press
release.
SOURCE Bravo Mining Corp.