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Cabral Gold to raise C$3 million to further exploration at Cuiú Cuiú gold project in Brazil

Vancouver-based Cabral said in a statement that officers and directors of the junior company intend to subscribe for at least 5% of the private placement

gold in rock
Cabral recently released a new set of drill results from Cuiú Cuiú that hit high-grade gold

Cabral Gold Inc (CVELCBR) (OTCMKTS:CBGZF) is planning to raise up to C$3 million to advance exploration at its flagship Cuiú Cuiú gold project in Brazil, the company announced Wednesday.

As part of the private placement, Cabral will offer up to 20 million units at a price of $0.15 per share for gross proceeds of $3 million. Each unit consists of one share and one warrant that entitles the holder to buy one share at $0.20 per share for a 12-month period following closing of the placement.

Vancouver-based Cabral said in a statement that officers and directors of the junior company intend to subscribe for at least 5% of the private placement.

READ: Cabral Gold reports further high-grade drill results from Brazil gold project

Part of the proceeds will also be used towards working capital purposes.

Cabral’s Cuiú Cuiú has a resource 5.9 million tons grading 0.9 g/t gold of Indicated and 19.5 million tons grading 1.2 g/t gold Inferred, or 0.2 million ounces and 0.8 million ounces of gold, respectively.

The junior gold explorer released a new set of drill results from the Cuiú Cuiú project in Brazil that hit high-grade gold at the previously untested Morro la Lua target.

Shares of Cabral were fell 3.1% in Canada at C$0.16 and at US$0.10 on OTC markets.

Contact Angela at [email protected]

Follow her on Twitter @AHarmantas

Quick facts: Cabral Gold Inc

Price: 0.115 CAD

TSX-V:CBR
Market: TSX-V
Market Cap: $7.09 m
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Cabral Gold encouraged by high-grade surface results at flagship Brazil project

Cabral Gold Inc's (CVE:CBR) Alan Carter caught up with Proactive's Andrew Scott while in London for Mines and Money 2018. Cabral's recently identified a new zone of gold mineralization at its Cuiu Cuiu project in northern Brazil. Samplings of initial trenches at the Mutum zone in the...

on 27/11/18

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