Zimbabwe central banker stockpiles gold to bolster ZiG currency
The ZiG - short for Zimbabwe gold — is the nation’s sixth attempt at having a functioning local currency in the last 15 years.
Bravo Gold Corp. (TSX VENTURE:BVG)(FRANKFURT:B6I) reported today that the company proposes to issue up to a total of 39 million Units at a price of $0.13 per Unit for gross proceeds of $5.0 million. Each Unit consists of one flow-through common share and one-half non flow-through transferable share purchase warrant; each whole share purchase warrant is exercisable to purchase one additional non flow-through common share at a price of $0.20 for a period of two years. Finder’s fees may be payable. The private placement and finder’s fees are subject to regulatory approval.
Net proceeds from the financing will be used to fund the 2011 exploration programs on the Homestake and the newly acquired 596 sq. km Kinskuch projects, and to continue with pre-development work on the Main Homestake and Homestake Silver deposits. Crews will mobilize in mid-June with drilling to begin in mid-July initially on identified targets at the Homestake Project and then continuing in early September on the Kinskuch project after surface work on several specific historic mineral occurrences further refines drill targets.
Exploration will focus on the identification of new deposits that will be accretive to the existing mineral resources at the Main Homestake and Homestake Silver deposits, which contain a current NI43-101 compliant Indicated Resource, at a 3.0g/t AuEq. cut-off, of 191,000 oz gold and 1,350,000 oz silver plus an Inferred Resource of 530,000 oz gold and 13,470,000 oz silver.
Read the full news release here.
