Bravo Gold Corp (CVE:BVG) said Friday that the TSX Venture Exchange has approved the company’s share consolidation as well as a corporate name change to Homestake Resource Corporation.
Beginning on April 16, the company will trade on a post-consolidation basis under its new name and trading symbol "HSR".
Approval was given for the consolidation of the issued common shares
of the company on a basis of one post-consolidation common share for
every 10 pre-consolidation common shares.
"Our new corporate name and ticker symbol will emphasize the
company’s major asset, the Homestake Ridge property, and better reflect
the growing importance of silver, copper, lead, and zinc in addition to
gold being discovered at the company’s Homestake and Kinskuch
properties,” said Bravo president Joe Kizis.
"And with these corporate changes, we look forward to continuing to
expand the resource base at our Homestake Ridge and Kinskuch properties
to become the next major gold-silver district in British Columbia."
The company said it believes it will benefit from greater investor
interest as a result of the share consolidation, as well as improved
trading liquidity, and an ability to raise additional capital at a
higher price per share.
Bravo said that the change in the number of issued and outstanding
shares that will result from the move will “cause no change in the
capital attributable to the common shares and will not materially affect
any shareholder's percentage ownership in the company.”
Ownership, however, will be represented by a smaller number of shares.
As of today, the company has a total of around 215.4 million shares
issued and outstanding, and after the consolidation of shares is
completed, it is expected to have around 21.5 million issued and
Bravo said it plans an aggressive 2012 exploration and development
program on the Homestake Ridge and Kinskuch properties, located in
northwestern British Columbia, which will concentrate on the drill
delineation of the newly discovered South Reef deposit at Homestake
The program will also see extensive drilling of a potential mineral
deposit at Kinskuch, discovered in the 2011 exploration season.
In addition, the program will include exploration drilling, ground
geophysics and further evaluation of several other encouraging
exploration targets, said the company.
A defined resource at South Reef and possibly at Kinskuch, together
with any new discoveries, will add to the NI 43-101 compliant resources
at the two deposits already discovered and delineated by Bravo at the
Homestake Ridge property.
Mineralization at South Reef is open at depth and along the full
strike-length of the target horizon, which is equal to the cumulative
strike-length of the previously delineated main Homestake and Homestake
Silver deposits, the company said.
Combined, the Main Homestake and Homestake Silver deposits contain a
current NI 43-101 compliant indicated resource, at a 3.0 g/t gold
equivalent cut-off, of 191,000 ounces of gold and 1.35 million ounces
silver, plus an inferred resource of 530,000 ounces gold and 13.4
million ounces silver.
Meanwhile, exploration on the Kinskuch project this year will focus
on offset drilling of the silver-rich, polymetallic VMS-style
mineralization intersected by Bravo in 2011 at the Illiance River trend
located in the eastern part of the property.