Bravada Signs Definitive Agreement to Sell the Wind Mountain Deposit to Mantra Capital
July 8, 2014 (Source: Marketwired) — Bravada Gold Corporation (“Bravada” or the “Company”) (TSX VENTURE:BVA)(FRANKFURT:BRT) has signed a definitive option agreement with Mantra Capital Inc. for the sale of the Wind Mountain gold/silver property in Nevada. The sale price consists of staged payments totalling approximately Cd$5.2 million as follows:
- $25,000 upon execution of the Definitive Agreement (received);
- $275,000 cash and $100,000 in Mantra common shares by August 1, 2014;
- $700,000 cash and $100,000 in Mantra common shares by August 1, 2015;
- $2,000,000 by August 1, 2016 (Note); and
- $2,000,000 by August 1, 2017 (Note).
Note: Mantra may satisfy the payment of 50% of each payment by the issuance of its common shares valued at market prices at the respective payment dates.
President Joe Kizis commented, “The transaction with Mantra allows Bravada to continue its core business of exploring its remaining inventory of 13 mineral properties in mining-friendly Nevada, together with any newly acquired properties, directly and through option and joint-venture agreements with third-party companies, while benefitting from the sale of Wind Mountain for cash and common shares in a new company managed by experienced mining personnel that will focus its efforts on bringing the Wind Mountain gold and silver property back into production.
“Although significant new gold deposits have become increasingly rare worldwide, large and high-grade gold deposits continue to be discovered in Nevada. Our extensive geologic expertise and critically selected land positions in Nevada’s most prolific gold trends place Bravada in a strong position to make major new discoveries, which will become critically important as the industry struggles to replace reserves.”
About Bravada Gold Corporation
Bravada is a member of the Manex Resource Group of companies with an exploration office in Reno, from which it is exploring its extensive Carlin-type and low-sulfidation-type gold holdings strategically located within numerous productive gold trends in Nevada. Homestake Resource Corporation (TSX VENTURE:HSR) owns approximately 9.8% of Bravada’s 11,970,210 outstanding common shares.
About Mantra Capital Inc.
Mantra Capital Inc. is a growth company focused on the exploration and development of precious and base metals. The Company currently has the option to acquire an undivided 100% interest in and to certain mineral claims in British Columbia known collectively as the Honeymoon Property, an early stage gold-silver-copper property located on the west side of Adams Lake, British Columbia. Mantra is led by a highly experienced executive management team that has a successful track record of building shareholder value through exploration, corporate finance, and mine development.
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.
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