02:47 PM EDT, 06/23/2025 (MT Newswires) -- Bravada Gold ( BGAVF ) was down 10% at last look Monday after it closed the second tranche of its previously announced non-brokered private placement by issuing 14,248,667 units for proceeds of $427,460. This comes after the company closed a first tranche for proceeds of near $1.1 million.

A statement noted each unit consists of one common share and one share purchase warrant, exercisable to purchase one additional common share at a price of $0.05 for three years.

According to the statement, about 65% of net proceeds from the offering will be used to conduct a Pre-feasibility Study of the Wind Mountain gold/silver deposit in NW Nevada. Net proceeds will also cover Annual Federal claim-holding fees (15%), and general working capital (approximately 20%, with 14% of general working capital payable to non-arm's length parties).

"The company believes a dramatic increase in precious metal prices and a more favourable permitting environment in the U.S. justify advancing Wind Mountain to the PFS stage. In-pit Indicated Resource that is shown to be economic via a PFS will be reclassified as more valuable Probable Reserves, which should add value to the Company. A PFS-level mine plan and economic study are required to begin mine-permitting in Nevada," said President Joe Kizis.

"With a still-valid geologic model of gold and silver mineralization from the 2022 PEA and two identified heap-leach pad sites, initial engineering studies are expected to begin by the end of June with the initial focus of re-designing an open-pit utilizing higher metal prices and updated estimated costs in order to calculate an updated In-pit Resource."

Shares of the company were last seen down $0.005 at $0.045 on the TSX Venture Exchange.

Price: 0.05, Change: -0.01, Percent Change: -10.00