Cabral Gold Announces Closing of First Tranche of Over-Subscribed Private Placement

About this update from Cabral Gold, Inc.

[{"type":"text","content":"Cabral Gold Announces Closing of First Tranche of Over-Subscribed Private PlacementVancouver, British Columbia--(Newsfile Corp. - April 18, 2024) - Cabral Gold Inc. (TSXV: CBR) (OTC Pink: CBGZF) (\"Cabral\" or the \"Company\") is pleased to announce the closing of the first tranche of its previously announced non-brokered private placement (the \"Private Placement\"). The Private Placement was oversubscribed and the Company currently anticipates issuing a total of 14,126,250 units (the \"Units\") at a price of $0.16 per unit for gross proceeds of $2,260,200 pursuant to the Private Placement. The first tranche closing will consist of a total of 11,688,750 Units for gross proceeds of $1,867,000. The Company anticipates closing the second and final tranche of the Private Placement, consisting of 2,457,500 Units for gross proceeds of $393,200, in the next few days.Each Unit consists of one common share in the capital of the Company (a \"Common Share\") and one half of one common share purchase warrant (each whole common share purchase warrant, a \"Warrant\"). Each Warrant is exercisable for two years following the first closing of the Private Placement and will entitle the holder to purchase one Common Share at an exercise price of $0.24. The Company expects to incur finder's fees totaling $37,008 connection with the Private Placement. The Company intends to use the net proceeds from the Private Placement for advancing the ongoing Pre-feasibility study on the gold-in-oxide resources at the Cuiú Cuiú gold district and for general working capital purposes.All securities issued in connection with the first tranche of the Private Placement are subject to a statutory hold period of four months, expiring on August 19, 2024, in accordance with applicable securities legislation and the policies of the TSX Venture Exchange.Two directors of the Company participated in the Private Placement, acquiring an aggregate of 250,000 Units for a total of $40,000. Their participation constitutes a \"related party transaction\" under Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions (\"MI 61-101\"). The Company will be relying on exemptions from the formal valuation requirements contained in section 5.5(b) of MI 61-101 and the minority shareholder approval requirements contained in s...

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