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Cabral Gold Inc. Announces Closing of Approximately $3,000,000 Private Placement Financing
Vancouver, British Columbia--(Newsfile Corp. - June 28, 2022) - Cabral Gold Inc.  (TSXV...
About this update from Cabral Gold, Inc.
[{"type":"text","content":"Cabral Gold Inc. Announces Closing of Approximately $3,000,000 Private Placement FinancingVancouver, British Columbia--(Newsfile Corp. - June 28, 2022) - Cabral Gold Inc. (TSXV: CBR) (OTC Pink: CBGZF) (\"Cabral\" or the \"Company\") is pleased to announce the closing of its previously announced brokered private placement, consisting of a total of 10,038,358 units of the Company (each, a \"Unit\", and collectively the \"Units\"), at a price of $0.30 per Unit for aggregate gross proceeds to the Company of approximately $3,011,507.40 (the \"Offering\"). The Offering was led by Paradigm Capital Inc. as lead agent and sole bookrunner (the \"Lead Agent\") on behalf of a syndicate of agents including Cormark Securities Inc., Research Capital Corporation and Roth Canada Inc. (together with the Lead Agent, the \"Agents\").Each Unit consists of one common share in the capital of the Company (a \"Common Share\") and one common share purchase warrant of the Company (a \"Warrant\"). Each Warrant entitles the holder thereof to acquire one Common Share at an exercise price of $0.50 per Common Share for a period of 24 months after the closing of the Offering. (the \"Closing\").The Offering was previously announced by the Company on June 8, 2022, at which time it was proposed that the Lead Agent offer, on a best efforts private placement basis, for sale up to 10,000,000 Units of the Company at a price of $0.30 per Unit for aggregate gross proceeds of up to $3.0 million. In connection with the Offering, the Lead Agent exercised its over-allotment option for additional gross proceeds of $11,507.40.The Company intends to use the net proceeds from the Offering for exploration and development activities, and general working capital purposes.Officers and directors of Cabral subscribed in the Offering for a total of 480,000 Common Shares for gross proceeds of $144,000. The participation of officers and directors of Cabral in the Offering constitutes a \"related party transaction\" within the meaning of Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions (\"MI 61-101\"). The transaction is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 pursuant to section 5.5(a) and section 5.7(1)(a) as the fair market value of the officers' and directors' participation ...