Proactive Investors - Run By Investors For Investors

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

View full CBR profile View Profile

Cabral Gold Inc Timeline

Related Articles

Helsinki
April 01 2019
In addition to the Mogale alloys plant, Arafak also runs the Stellite, Mecklenburg and Vlakpoort mines
ASX share price gain
November 28 2018
The company spoke to its strength at its AGM this week in Sydney.
Mina do Barroso
June 07 2019
The firm’s portfolio encompasses both assets with near-term production potential and longer-term development opportunities

© Proactive Investors 2019

Proactive Investors Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use