Cabral Gold Announces $2M Private Placement Financing
Cabral Gold Announces $2M Private
Placement Financing
Vancouver, British Columbia--(Newsfile Corp. - April 9, 2024) -
Cabral Gold Inc. (TSXV: CBR) (OTC
PINK: CBGZF) ("Cabral" or the
"
Company
") is pleased to announce the terms of a non-brokered
private placement of up to 12,500,000 units of the Company (the "
Units
") at a price of $0.16 per Unit for
gross proceeds of up to $2,000,000 (the "
Private Placement
").
Each Unit will consist of one common
share in the capital of the Company (a "
Common Share
") and one-half of one common share purchase
warrant (each whole common share purchase warrant, a "
Warrant
").
Each Warrant will entitle the holder
to purchase one Common Share at an exercise price of $0.24 for two years following the date of closing
of the Private Placement (the "
Closing Date
").
Cabral may pay finder's fees in connection with the Private Placement.
Finders will be paid a cash
commission equal to up to 6.0% of the gross proceeds of the Private Placement.
The Company intends to use the net proceeds from the Private Placement for general corporate
purposes and to further the ongoing prefeasibility study on the weathered gold-in-oxide material at the
Cuiú Cuiú gold district.
The securities issued pursuant to the Private Placement will be subject to a four-month hold period from
the Closing Date.
Completion of the Private Placement and the payment of any finder's fees will be
subject to the receipt of all necessary regulatory approvals, including the approval of the TSX Venture
Exchange.
About Cabral Gold Inc.
The Company is a junior resource company engaged in the identification, exploration and development
of mineral properties, with a primary focus on gold properties located in Brazil.
The Company has a
100% interest in the Cuiú Cuiú gold district located in the Tapajós Region, within the state of Pará in
northern Brazil. Two main gold deposits have so far been defined at the Cuiú Cuiú project which contains
National Instrument 43-101 compliant Indicated resources of 21.6Mt @ 0.87 g/t gold (604,000 oz) and
Inferred resources of 19.8Mt @ 0.84 g/t gold (534,500 oz).
The Tapajós Gold Province is the site of the largest gold rush in Brazil's history producing an estimated
30 to 50 million ounces of placer gold between 1978 and 1995. Cuiú Cuiú was the largest area of placer
workings in the Tapajós and produced an estimated 2Moz of placer gold historically.
FOR FURTHER INFORMATION PLEASE CONTACT:
"Alan Carter"
President and Chief Executive Officer
Cabral Gold Inc.
Tel: 604.676.5660
Neither the TSX Venture Exchange nor its Regulation Services Provider (as such term is defined in
the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this
release.
Forward-looking Statements
This news release contains certain forward-looking information and forward-looking statements within
the meaning of applicable securities legislation (collectively "forward-looking statements").
The use of
the words "will", "expected" and similar expressions are intended to identify forward-looking
statements.
These statements involve known and unknown risks, uncertainties and other factors that
may cause actual results or events to differ materially from those anticipated in such forward-looking
statements.
Such forward-looking statements should not be unduly relied upon.
This news release
contains forward-looking statements and assumptions pertaining to the following; "The Company
intends to use the net proceeds from the Private Placement for general corporate purposes and to
further the ongoing prefeasibility study on the weathered gold-in-oxide material at the Cuiú Cuiú gold
district".
The manner in which the Company allocates the proceeds from the Private Placement and
repays the Loan Agreement may vary from the information provided herein as a result of numerous
known and unknown risks and uncertainties and other factors.
The Company believes the
expectations reflected in those forward-looking statements are reasonable, but no assurance can be
given that these expectations will prove to be correct.
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE
UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A
VIOLATION OF U.S. SECURITIES LAWS
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/204797