Cabral Gold Announces Third and Final Closing of Over-Subscribed Private Placement

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[{"type":"text","content":"Cabral Gold Announces Third and Final Closing of Over-Subscribed Private PlacementVancouver, British Columbia--(Newsfile Corp. - July 8, 2020) -  Cabral Gold Inc. (TSXV: CBR) (OTC Pink: CBGZF) (\"Cabral\" or the \"Company\") is pleased to announce the third and final closing of its previously announced non-brokered private placement financing (the \"Private Placement\") through the issuance of 3,500,000 common shares at a price of $0.125 per share for gross proceeds of $437,500. All securities issued in connection with the Private Placement are subject to a statutory hold period of four months from the date of issuance in accordance with applicable securities legislation and the policies of the TSX Venture Exchange, pursuant to which the shares of the current closing may not be sold or transferred until November 8, 2020.The original size of the Private Placement was up to $2,000,000 (see May 20, 2020 news release). The Private Placement increased to up to $4,000,000 (see June 1, 2020) and then to up to $4,200,000 (see June 7, 2020 news release) due to increased demand. The current closing brings the total Private Placement to gross proceeds of $4,179,014 comprised of 33,432,110 common shares issued at $0.125 per share including a brokered component comprising 2,400,000 common shares for gross proceeds of $300,000. In connection with the Private Placement, the Company incurred total finder's fees of $55,625. Of this amount, $34,625 relates to the non-brokered portion of the Private Placement and includes $18,000 paid through the issuance of common shares. The remaining $21,000 of finder's fees relates to the brokered portion of the Private Placement and was paid through the issuance of common shares. The Company also issued an aggregate of 144,000 share purchase warrants (\"Broker Warrants\") in connection with the brokered portion of the Private Placement; each Broker Warrant entitles the holder to purchase one common share of the Company at a purchase price of $0.20 for a period of 24 months following closing of the Private Placement. Officers and directors of Cabral subscribed in the Private Placement for a total of 1,700,000 common shares for gross proceeds of $212,500. The participation of officers and directors of Cabral in the Private Placement constitutes a \"related party transaction\" within the meaning of Multilat...

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