Business
Cabral Gold Announces $2 Million Private Placement Financing
Vancouver, British Columbia--(Newsfile Corp. - March 7, 2023) - Cabral Gold Inc. (TSXV: CBR) (OTC: CBGZF) ("Cabral" or the "Company") is pleased to announce the
About this update from Cabral Gold, Inc.
[{"type":"text","content":" Vancouver, British Columbia--(Newsfile Corp. - March 7, 2023) - Cabral Gold Inc. (TSXV: CBR) (OTC: CBGZF) (\"Cabral\" or the \"Company\") is pleased to announce the terms of a non-brokered private placement of up to 20,000,000 units of the Company (the \"Units\") at a price of $0.10 per Unit for gross proceeds of up to $2,000,000 (the \"Private Placement\"). Each Unit will consist of one common share in the capital of the Company (a \"Common Share\") and one common share purchase warrant (a \"Warrant\"). Each Warrant will entitle the holder to purchase one Common Share at an exercise price of $0.20 for two years following the date of closing of the Private Placement (the \"Closing Date\"). Cabral may pay finder's fees in connection with the Private Placement. Finders will be paid a cash commission equal to up to 6.0% of the gross proceeds of the Private Placement. The Company intends to use the net proceeds from the Private Placement for payment of outstanding debts, possibly including amounts due to management of the Company, general working capital purposes, and, if the proceeds of the Private Placement are sufficient, exploration and development activities. The net proceeds of the Private Placement to be directed to the repayment of outstanding debts due to management of the Company is described below under Term Loan. The securities issued pursuant to the Private Placement will be subject to a four-month hold period from the Closing Date. Completion of the Private Placement and the payment of any finder's fees will be subject to the receipt of all necessary regulatory approvals, including the approval of the TSX Venture Exchange. Repricing of share purchase warrants The Company issued a total of 6,200,000 share purchase warrants on November 25, 2022 in connection with a non-brokered private placement that closed on this date. Each share purchase warrant (\"Warrant\") entitles the holder to acquire one common share at a purchase price of $0.30 in the first year following closing through November 25, 2023, or $0.40 per Common Share in the second year following closing through November 25, 2024. The Company would like to advise the holders of these warrants that it will be seeking approval from the TSX Venture Exchange to reduce the exercise price of the Warrants from $0.30 to $0.205 through November 25, 202...