VANCOUVER, BC, July 21, 2022 /CNW/ – Bravo Mining Corp. (“Cheer“or the”Company“) is pleased to announce the successful closing of its initial public offering (the “Offer“) of 23,000,000 ordinary shares of the Company (“Shares“) at the price of $1.75 per share (the “Offer price“) for the gross product of $40,250,000. All directors of Bravo participated in the placement.
The shares are expected to begin trading on the TSX Venture Exchange (the “TSXV“) to the open market on July 25, 2022 under the symbol “BRVO”.
Canaccord Genuity Corp. and BMO Capital Markets acted as co-managers for the offering on behalf of a syndicate that included National Bank Financial Inc., Cormark Securities Inc. and INFOR Financial Inc.
Bravo granted agents an over-allotment option (the “Over-allotment option“), exercisable in whole or in part, at the sole discretion of the Agents, at any time after the closing of the Offering and for a period of 30 days thereafter, to sell up to 3 450,000 additional ordinary shares of the Company (representing 15% of the total number of Shares sold under the Offer) at the Offer Price, for additional gross proceeds to the Company of $6,037,500 if the over-allotment option is exercised in full.
“We are very pleased with the support provided by our existing and new institutional and retail shareholders. We have built an outstanding roster of resource-focused global institutional investors with strong support from retail investors. This is a testament to the quality of our flagship product Luanga platinum group metals (palladium + platinum + rhodium) + project gold + nickel (PGM+Au+Ni) and the caliber of our team”, said Luis AzevedoExecutive Chairman and CEO of Bravo. “The funds raised, combined with our existing balance sheet, should be more than sufficient for our proposed work programs for Phases 1 and 2. Phase 1 includes 25,500m infill drilling, down extensions and diamond pull-out combined with our ongoing re-assay program of approximately 52,000m of historic diamond core. This is underway with five rigs in place and additional drilling is planned before the end of the month. Phase 2 includes a supplement 21,500m diamond drilling focused on the down-dip extensions and other identified targets on the property. We will also conduct simultaneous basic environmental and metallurgical testing activities. We look forward to providing continued updates on our exploration activities over the coming weeks and months,” he said. “We would like to thank the tireless efforts of our legal team at Cozen O’Connor, led by Lucy Schilling. We would also like to acknowledge the support of our union led by Canaccord Genuity Corp. and BMO Capital Markets and including National Bank Financial Inc., Cormark Securities Inc. and INFOR Financial Inc.”
The Shares have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Law“), or any state securities law, and may not be offered or sold, in United Statesunless exemptions from the registration requirements of US securities law and applicable state securities laws are available.
No securities regulatory authority has reviewed or approved the contents of this press release. This press release does not constitute an offer to sell or a solicitation of an offer to buy securities of Bravo in any jurisdiction in which such offer, solicitation or sale would be unlawful.
All figures are in Canadian dollars unless otherwise stated.
Cozen O’Connor LLP acted for Bravo and Cassels-Brock & Blackwell LLP represented the syndicate led by Corp. Canaccord Genuity and BMO Capital Markets and comprising National Bank Financial Inc., Cormark Securities Inc. and INFOR Financial Inc.
Certain Bravo insiders participated in the Offer, acquiring a total of 438,542 Shares under the Offer. The participation of these insiders in the Offer constitutes a “related party transaction” as defined by Multilateral Instrument 61-101 Protection of holders of minority securities in special transactions (“MI 61-101“), and is exempt from the formal valuation and minority shareholder approval requirements of NI 61-101, as neither the fair market value of the securities issued to insiders nor the consideration paid by insiders exceeded 25% of the market capitalization of Bravo.
About Bravo Mining Corp.
Well done is a Canada and Brazil-a mining exploration and development company focused on advancing its Luanga PGM+Au+Ni project in the world-class mineral province of Carajás Brazil.
The Luanga project benefits from a location close to the operating mines, with excellent access and proximity to existing infrastructure, including roads, railways and the clean and renewable hydroelectric network. The project area was previously deforested for agricultural pasture. Bravo’s current environmental, social and governance activities include replanting trees in the project area, local hiring and contracting, and environmental protection during its exploration activities.
Bravo was founded by a management team and board of directors with extensive experience in exploration, permitting, project financing, construction and operation in Brazil and PGM. This includes Luis AzevedoExecutive Chairman and Chief Executive Officer; Simon MottramPresident; Alex Penha, senior vice president of corporate development; and independent directors, Dr. Nicole Adshead-Bell (main director), Stuart Comline, Tony Polglase and Stephane Quin.
This press release contains forward-looking information that does not consist of historical facts. Forward-looking information is characterized by words such as “plan”, “expect”, “sure”, “believe”, “anticipate”, “will”, “would” and other similar words, or statements that certain events or conditions “may” or “will” occur. In particular, this press release contains forward-looking information regarding the expected timing of the commencement of trading of the Shares on the TSXV, the exercise of the Over-Allotment Option and the Company’s plans and objectives with respect to the Luanga Project. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results and opportunities to differ materially from those expressed or implied by such forward-looking information. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, changes in the state of equity and debt markets, commodity price fluctuations, delays in obtaining required regulatory or governmental approvals, environmental risks, limitations in insurance coverage, failure to obtain all necessary regulatory approvals, risks related to the ongoing COVID-19 pandemic and its impact on the Company, risks and uncertainties inherent in the exploration and development of mineral properties, and other risk factors set out in the Prospectus under the heading “Risk Factors”. The forward-looking information contained in this press release is based on management’s beliefs and assumptions considered reasonable as of the date hereof, including, but not limited to, the assumption that general business and economic conditions will not will not change adversely. Although the Company believes that the assumptions and factors used in preparing the forward-looking information contained in this press release are reasonable, undue reliance should not be placed on such information. The Company disclaims any intention or obligation to update or revise any forward-looking information, other than as required by applicable securities laws.