- Cabral Gold (CBR) has closed its previously announced non-brokered private placement for gross proceeds of $2,790,000
- The private placement was oversubscribed by $790,000
- The company intends to use the net proceeds for payment of outstanding debts, exploration and development activities and for general working capital purposes
- Cabral Gold is a junior resource company which engages in the identification, exploration and development of mineral properties
- Cabral Gold Inc. (CBR) is down 4.35 per cent, trading at C$0.11 per share at 10:20 am ET
Cabral Gold (CBR) has closed its previously announced non-brokered private placement for gross proceeds of $2,790,000.
The private placement was oversubscribed by $790,000. The company issued a total of 27,900,000 units at $0.10 per unit. Each unit consists of one common share and one common share purchase warrant. Each warrant entitles the holder to purchase one additional common share at $0.20. The warrant is exercisable for two years following the first closing of the private placement.
The company intends to use the net proceeds for payment of outstanding debts, exploration and development activities and for general working capital purposes.
Cabral incurred finder’s fees totaling $12,000 in connection with the closing.
All securities issued are subject to a statutory hold period of four months.
The company also announced that it obtained approval from the TSX Venture Exchange to reduce the exercise price of the 6,200,000 share purchase warrants issued in connection with the November 25, 2022 private placement from $0.30 to $0.205 through November 25, 2023 and from $0.40 to $0.30 from November 26, 2023 through November 24, 2024.
All other terms of the warrants remain unchanged.
About Cabral Gold
Cabral Gold is a junior resource company which engages in the identification, exploration and development of mineral properties. Its primary focus is on gold properties located in Brazil.
Cabral Gold Inc. (CBR) is down 4.35 per cent, trading at C$0.11 per share at 10:20 am ET.
