logo-loader
viewCabral Gold Inc

Cabral Gold closes second tranche of $4.2 million financing to advance new targets on Cuiú Cuiú project in Brazil

The gold company issued just over 3.9 million shares priced at C$0.125 each for gross proceeds of $491,839

Cabral Gold Inc -
Cabral said it had increased the size of its private placement from $4 million to up to $4.2 million due to increased demand

Cabral Gold Inc (CVE:CBR) (OTCPINK:CBGZF) announced the second closing of a nearly $4.2 million financing to drill recently-identified high-grade gold targets on its Cuiú Cuiú project in Brazil.

The Vancouver-based company issued just over 3.9 million shares priced at $0.125 each for gross proceeds of $491,839.

Cabral said it had increased the size of its private placement from $4 million to up to $4.2 million due to increased demand, following an earlier increase from $2 million.

READ: Cabral Gold brings in over C$3M from over-subscribed placing to advance Cuiú Cuiú project

The private placement will now comprise up to 33.6 million shares at a price of $0.125 per share.

In the first and second closings, the exploration firm raised $3,741,514 through the issuance of around 29.9 million shares.

A third and final closing will comprise 3.5 million shares, which will be issued to a single subscriber following receipt of TSX Venture Exchange approval. The final closing will bring the total private placement to 33,432,110 common shares for gross proceeds of $4,179,014.

Cabral has released a series of promising drill results over the last six months that have helped to identify targets at Cuiú Cuiú, including 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.

Contact Angela at [email protected]

Follow her on Twitter @AHarmantas

Quick facts: Cabral Gold Inc

Price: 0.275 CAD

TSX-V:CBR
Market: TSX-V
Market Cap: $26.15 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...

on 22/6/20

2 min read