Braeval Mining Corporation Files Final Prospectus for $10,000,200 Initial Public Offering
TORONTO, ONTARIO--(Marketwire - Dec. 12, 2012) -
NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA OR THROUGH U.S. NEWSWIRE SERVICES
Braeval Mining Corporation ("Braeval Mining" or the "Company") is pleased to announce that it has filed a final prospectus dated December 11, 2012 (the "Final Prospectus") with the securities regulatory authorities in the provinces of Ontario, British Columbia and Alberta in connection with an initial public offering ("IPO") of the Company's common shares (the "Shares").
In connection with the IPO the Company will issue 16,667,000 Shares at a price of $0.60 per Share (the "IPO Price") for gross proceeds of $10,000,200. The IPO is being underwritten by a syndicate led by Dundee Securities Ltd. and TD Securities Inc. as joint bookrunners and including BMO Nesbitt Burns Inc., Scotia Capital Inc., Clarus Securities Inc., Cormark Securities Inc., Paradigm Capital Inc., and Stifel Nicolaus Canada Inc. (collectively, the "Underwriters").
The Underwriters have been granted an over-allotment option, exercisable in whole or in part for a period of 30 days from the closing of the IPO, to purchase up to an additional 15% of the Shares issued under the IPO at the IPO Price. If the over-allotment option is exercised in full, gross proceeds of the IPO will be $11,500,230.
The Toronto Stock Exchange (the "TSX") has conditionally approved the listing of the Shares under the symbol "BVL", subject to the Company fulfilling customary TSX listing requirements. The Shares are expected to commence trading on the TSX upon the closing of the IPO, expected on or about December 20, 2012, subject to customary closing conditions.
The net proceeds of the IPO will be used primarily for drilling and regional exploration of the Snow Mine Project in Colombia, and for general corporate purposes. A copy of the Final Prospectus will be available on SEDAR (www.sedar.com).
This news release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of, the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities described herein have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any U.S. state securities laws, and may not be offered or sold in the United States or to U.S. persons except in compliance with the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws or pursuant to an exemption therefrom.
About Braeval Mining Corporation
Braeval Mining Corporation is a mineral exploration and development company focused on the exploration and development of precious metals resource properties in South and Central America and Mexico. The Company holds options to acquire an interest in four adjacent mineral titles that comprise the Snow Mine Project located in Colombia. Braeval Mining proposes to explore the Snow Mine Project for precious metal deposits including gold, silver and copper, and has applied for other exploration property interests in Mexico, Peru, Honduras and Nicaragua.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION
This news release contains forward-looking statements and forward-looking information within the meaning of applicable Canadian securities laws, which are based on expectations, estimates and projections as of the date of this news release. This forward-looking information includes, or may be based upon, without limitation, estimates, forecasts and statements as to management's expectations with respect to, among other things, comments regarding the size and pricing of the offering, filing of the final long form prospectus and completion of the offering, the generation of revenues by the Company, the timing and amount of funding required to execute the Company's exploration, development and business plans, capital and exploration expenditures, the effect on the Company of any changes to existing legislation or policy, government regulation of mining operations, the length of time required to obtain permits, certifications and approvals, the success of exploration, development and mining activities, the geology of the Company's properties, environmental risks, the availability of labour, the focus of the Company in the future, the future payment by the Company of dividends, demand and market outlook for precious metals and the prices thereof, progress in development of mineral properties, the Company's ability to raise funding privately or on a public market in the future, the Company's future growth, results of operations, performance and business prospects and opportunities. Wherever possible, words such as "anticipate", "believe", "expect", "intend", "may" and similar expressions have been used to identify such forward-looking information.
Forward-looking information is based on the opinions and estimates of management at the date the information is given, and on information available to management at such time. Forward-looking information involves significant risks, uncertainties, assumptions and other factors that could cause actual results, performance or achievements to differ materially from the results discussed or implied in the forward-looking information. These factors, including, but not limited to, fluctuations in currency markets, fluctuations in commodity prices, the ability of the Company to access sufficient capital on favourable terms or at all, changes in national and local government legislation, taxation, controls, regulations, political or economic developments in Canada, Mexico, Colombia, Peru, Nicaragua or other countries in which the Company does business or may carry on business in the future, operating or technical difficulties in connection with exploration or development activities, employee relations, the speculative nature of mineral exploration and development, obtaining necessary licenses and permits, diminishing quantities and grades of mineral reserves, contests over title to properties, especially title to undeveloped properties, the inherent risks involved in the exploration and development of mineral properties, the uncertainties involved in interpreting drill results and other geological data, environmental hazards, industrial accidents, unusual or unexpected formations, pressures, cave-ins and flooding, limitations of insurance coverage and the possibility of project cost overruns or unanticipated costs and expenses, and should be considered carefully. Many of these uncertainties and contingencies can affect the Company's actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, the Company. Prospective investors should not place undue reliance on any forward-looking information. Although the forward-looking information contained in this news release is based upon what management believes, or believed at the time, to be reasonable assumptions, the Company cannot assure prospective purchasers that actual results will be consistent with such forward-looking information as there may be other factors that cause results not to be as anticipated, estimated or intended, and neither the Company nor any other person assumes responsibility for the accuracy and completeness of any such forward-looking information. The Company does not undertake, and assumes no obligation, to update or revise any such forward-looking statements or forward-looking information contained herein to reflect new events or circumstances, except as may be required by law.
FOR FURTHER INFORMATION PLEASE CONTACT:
Braeval Mining Corporation
President & Chief Executive Officer
Braeval Mining Corporation
Chief Financial Officer