• Cabral Gold (TSXV:CBR) has closed an oversubscribed private placement for C$3.25 million in net proceeds
  • The company issued around 26 million shares at a price of 12.5 cents per share
  • The offer also includes a brokered component of 2.4 million shares for gross proceeds of $300,000
  • The company will use the proceeds to begin a drilling program on the Cuiu Cuiu Gold Project in Brazil
  • Cabral Gold (CBR) is up 11.5 per cent and is trading at $0.145 per share

Cabral Gold (TSXV:CBR) has closed an oversubscribed private placement for C$3.25 million in net proceeds.

The company issued around 26 million shares at a price of 12.5 cents per share. The offer also includes a brokered component of 2.4 million shares for gross proceeds of $300,000.

Cabral’s Officers and Directors subscribed for a total of 1.7 million common shares, or 6.5 per cent of the total share offer, for $212,500 in gross proceeds.

The company will use the proceeds to fund drilling at some recently identified gold targets on the Cuiu Cuiu Gold Project in Brazil.

President and CEO of Cabral Gold Alan Carter said he was very pleased with the overwhelming interest the company had received from investors. He went on to comment on the upcoming drill program.

“This financing will allow Cabral Gold to initiative new drill programs aimed at testing recently identified high-grade drill targets at Alondo, Medusa and Cilmar as well as allowing us to further test recently identified high-grade zones within the MG and Central deposits at Cuiu Cuiu.

“We look forward to a steady flow of drill results in the coming months as we continue to advance this expanding district,” he said.

Turning to the company’s recent market performance, Cabral’s share price has recently begun approaching its pre-COVID-19 levels. On February 26 the company was trading at a high of 17 cents per share, just as the world economy was headed for a nose dive.

By March, the company’s share price hit a low of eight per share but is now trading more than six cents higher.

Cabral Gold (CBR) is currently up 11.5 per cent and is trading at $0.145 per share at 1:45 pm EDT.

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