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Cabral Gold Inc announces C$2 million private placement

The company said the funds will be used to complete a diamond drill program aimed at testing several of the recently identified high-grade structures at its Cuiu Cuiu property in Brazil
gold project
Cabral owns the Cuiu Cuiu gold project in the Tapajos region of northern Brazil

Gold junior Cabral Gold Inc (CVE:CBR) announced Thursday it was raising up to C$2 million in a private placement. 

The company said it has arranged a non-brokered private placement of up to eight million common shares at a price of C$0.25 per share. 

Cabral Gold said it will use the funds to complete a diamond drill program aimed at testing several of the recently identified high-grade structures at its Cuiu Cuiu property in Brazil, continuing costs of permitting relating to the Cuiu Cuiu property, and for general corporate and working capital purposes.

READ: Cabral Gold making progress with application for mining licence at Brazil project

The company said officers and directors of the company intend to subscribe for between 10% and 15% of the private placement.

The company said the private placement will be subject to a four-month hold period from the closing date completion of the private placement and will require regulatory approval. 

Completion of the private placement and the payment of any finder's fees remain subject to the receipt of all necessary regulatory approvals. 

The company said a finder's fee may be paid. 

Shares of Cabral Gold were at C$0.235 on Thursday. 

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