logo-loader
viewCabral Gold Inc

Cabral Gold Inc upsizes previously announced placing to C$4M due to demand

On May 20, the explorer said it was raising C$2 million to help advance new high-grade gold targets in Brazil

Cabral Gold Inc -
Earlier this year, Cabral announced the discovery of high-grade gold mineralization at surface in a new zone known as Alonso

Cabral Gold Inc (CVE:CBR) (OTCPINK:CBGZF) said it has upsized its previously announced placing to C$4 million from an initial C$2 million due to increased demand.

On May 20, the explorer said it was raising the monies to help advance new high-grade gold targets on the flagship Cuiú Cuiú project in Brazil.

The company said it will now issue up to 32 million shares at $0.125 per share, compared to the 16 million announced last week at the same price.

Net proceeds will be used for drilling high-grade gold targets and regional exploration at Cuiú Cuiú and for general corporate and working capital purposes, the company added.

At the Brazilian project, the Vancouver-based company has released a series of promising drill results over the last six months that have helped to identify targets.

In February, Cabral announced the discovery of high-grade gold mineralization at surface in a new zone known as Alonso, where rock samples revealed gold values averaging around 91.7 grams per ton.

The latest target to be identified, Medusa, is located four kilometres east of Alonso. In April, Cabral reported two areas of quartz-sulphide boulders there on surface with returned values ranging from 1.1 to 82.1 grams per ton gold and 5.2 to 50.1 grams per ton gold.

Contact Giles at [email protected]

Quick facts: Cabral Gold Inc

Price: 0.175 CAD

TSX-V:CBR
Market: TSX-V
Market Cap: $15.34 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Cabral Gold Inc named herein, including the promotion by the Company of Cabral Gold Inc in any Content on the Site, the Company receives from...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Cabral Gold closes first tranche of financing bringing in just over 3.2...

Cabral Gold (CVE: CBR- OTCPINK: CBGZF) CEO Alan Carter joined Steve Darling from Proactive Vancouver with news the company has closed their first tranche of financing in a private placement that will see the treasury grow by 3.24 million dollars. Carter telling Proactive that the first...

1 week, 5 days ago

2 min read