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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]

Quick facts: Cabral Gold Inc

Price: 0.11 CAD

TSX-V:CBR
Market: TSX-V
Market Cap: $6.78 m
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Full interview: Cabral Gold current drill program yields high grade...

Cabral Gold (CVE: CBR) President and CEO Alan Carter joined Steve Darling from Proactive Vancouver on Skype from Munich, Germany with the first results from their current drill program at Cuiu Cuiu.  Carter talks about the first numbers they have seen and what area this drill program is...

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