Proactive Investors - Run By Investors For Investors

Cabral Gold moves forward with $3M financing for Cuiú Cuiú gold project in Brazil

The firm is proceeding with its non-brokered private placement of up to 20 million units at a price of C$0.15 per unit
Cuiú Cuiú
Cabral released a new set of drill results from Cuiú Cuiú (pictured) in May that hit high-grade gold

Cabral Gold Inc (CVE:CBR) (OTCMKTS:CBGZF) said Tuesday it is proceeding with plans to raise up to C$3 million to advance exploration at its flagship Cuiú Cuiú gold project in Brazil. 

As part of the non-brokered 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 10% of the private placement.

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

The company noted that part of the proceeds will also be used towards working capital purposes.

In May, the company 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.

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.

Shares of Cabral were at C$0.17 in Toronto and at US$0.11 on OTC markets on Tuesday. 

Contact Katie Lewis at [email protected]

View full CBR profile View Profile

Cabral Gold Inc Timeline

Related Articles

Gold ingots
February 08 2019
The Brett gold property, which the company bought for $1.6 million in 2013, is a potential multi-million ounce system with multiple high grade targets.
October 15 2018
KSZ holds potential for world class base and precious metals deposits
October 30 2018
Rainbow is continuing to drive towards a production rate of 400 tonnes per month

© 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