Bravada Reports on Corporate Matters, Signs Term Sheet to Sell Wind Mountain Deposit to Mantra Capital
April 30, 2014 (Source: Marketwired) — Bravada Gold Corporation (“Bravada” or the “Company”) (TSX VENTURE:BVA)(FRANKFURT:BRT) announces that, at the Annual General and Special Meeting of the Company held on April 25, 2014 (the “Meeting“), shareholders resolved to:
- Elect incumbent board members, Joseph A. Kizis, Jr., Lawrence Page Q. C., John Kerr, Michael Rowley, G. Ross McDonald and Richard Hughes and also to elect Mr. Nigel Bunting, a nominee who has not previously served in such capacity.
After attending Gordonstoun School and the College of Law in London, Nigel Bunting joined Lloyds of London Insurance broker CT Bowring & Co in 1979, which subsequently became Marsh & McLennan. In 1997 Nigel joined Suffolk Life, an embryonic Insurance company. Nigel became a Director in 1998, and over the next 10 years played a pivotal role turning the company into the one of the UK’s leading self-invested personal pension (SIPP) administrators. Nigel was for many years not only the main Media contact at Suffolk Life, but also had sole responsibility for the Sales & Marketing of the business. By 2008 Suffolk Life had £2.5 billion assets under management and the business was bought by Legal & General for £62.5m. Since then Nigel has focused on his various Charitable & Investment interests, which are mainly in the commodity and precious metals space which has become a passion for Nigel.
Mr. Paul Dircksen did not stand for election and the Company thanks him for his service as a director over many years. By subsequent directors’ resolution, certain directors and officers were appointed as officers including: Joseph A. Kizis, Jr. as President, Lawrence Page as Chairman, Graham Thatcher as Chief Financial Officer and Arie Page as Corporate Secretary.
- Approve the Company’s 2014 10% rolling incentive stock option plan.
- Approve as a Special Resolution a sale of the Company’s shares of two wholly-owned subsidiary companies holding the majority of the Company’s mineral properties.
At the Meeting, the Chairman advised the shareholders that conclusion of the sale of the Company’s subsidiaries’ shares (the “Transaction“) was uncertain. The Company has since confirmed that the Transaction will not proceed.
Subsequent to termination of the Transaction, Mantra Capital Inc. presented Bravada with an alternative offer for the sale of the Wind Mountain property in Nevada. A term sheet has been signed by both parties and the new transaction is anticipated to consist of staged payments totalling approximately Cd$5.2 million as follows:
- Cd$50,000 upon execution of an option agreement;
- Within 60 days of receiving TSXV approval, $450,000 cash and $100,000 in Mantra stock;
- Upon the first anniversary of TSXV approval, $500,000 cash and $100,000 in Mantra stock;
- Upon the second anniversary of TSXV approval, $2,000,000 (up to 50% as Mantra stock); and
- Upon the third anniversary of TSXV approval, $2,000,000 (up to 50% as Mantra stock).
President Joe Kizis commented, “The transaction with Mantra allows the Company to continue its core business of exploring its inventory of 13 mineral properties, and any future properties, directly and through option and joint-venture agreements with third-party companies, while benefitting from the sale of Wind Mountain for cash and stock in a new company run by experienced mining personnel that will focus its efforts on bringing the Wind Mountain gold and silver property back into production.
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“Although significant new gold deposits have become increasingly rare worldwide, large and high-grade gold deposits continue to be discovered in Nevada, a safe and mine-friendly jurisdiction. 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.”
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 (HSR.V) 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
For further information, please visit Bravada Gold Corporation’s website at bravadagold.com.
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.
Raj Shah has professional experience working for over a half a dozen years at financial firms such as Merrill Lynch and First Allied Securities Inc., ... <Read more about Raj Shah>