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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]

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