Cabral Gold Inc. Announces Amended Terms of $3,000,000 Private Placement
Cabral Gold Inc. Announces Amended Terms
of $3,000,000 Private Placement
Vancouver, British Columbia--(Newsfile Corp. - November 20, 2024) -
Cabral Gold Inc. (TSXV: CBR)
(OTC Pink: CBGZF) ("Cabral" or the "Company")
announces amended pricing of its non-brokered
private placement of units ("
Units
") previously announced on October 30, 2024.
Pursuant to the amended pricing, the Company proposes to issue up to 12,500,000 Units at a price of
$0.24 per Unit, for gross proceeds of up to $3,000,000 (the "
Private Placement
").
Each Unit will consist
of one common share in the capital of the Company and one-half of one common share purchase
warrant (each whole warrant, a "
Warrant
"). Each Warrant will entitle the holder to purchase one common
share at an exercise price of $0.36 for two years following the date of closing of the Private Placement.
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 complete drilling and detailed engineering following the recently completed
prefeasibility study on a starter operation designed to target 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. Three main gold deposits have so far been defined at the Cuiú Cuiú project which
contain National Instrument ("NI") 43-101 compliant Indicated resources of 12.29Mt @ 1.14 g/t gold
(450,200oz) in fresh basement material and 11.11Mt @ 0.48 g/t gold (171,883oz) in oxide material. The
project also contains Inferred resources of 13.63Mt @ 1.04 g/t gold (455,100oz) in fresh basement
material and 12.22Mt @ 0.39 g/t gold (151,608oz) in oxide material. The resource estimate for the
primary material is based on the NI 43-101 technical report dated 12
th
October 2022.The resource
estimate for the oxide material is based on an NI 43-101 compliant estimate released on 21
st
October
2024 with an NI 43-101 compliant technical report expected to be filed within 45 days of the release
date.
The Tapajós Gold Province is the site of the largest gold rush in Brazil's history which according to the
ANM (Agência Nacional de Mineração or National Mining Agency of Brazil) produced an estimated 30
to 50 million ounces of placer gold between 1978 and 1995. Cuiú Cuiú was the largest area of placer
gold 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
Technical information included in this release was supervised and approved by Brian Arkell, B.S.
Geology and M.S. Economic Geology, SME (Registered Member), AusIMM (Fellow) and SEG
(Fellow), Cabral Gold's Vice President, Exploration and Technical Services, and a Qualified Person
under NI 43-101.
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. 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
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https://www.newsfilecorp.com/release/230701