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Cabral Gold Inc. Announces $3,000,000 "Best Efforts" Private Placement Financing and Provides Update on Prospectus Offering
Vancouver, British Columbia--(Newsfile Corp. - June 8, 2022) - Cabral Gold Inc.  (TSXV:...
About this update from Cabral Gold, Inc.
[{"type":"text","content":"Cabral Gold Inc. Announces $3,000,000 \"Best Efforts\" Private Placement Financing and Provides Update on Prospectus OfferingVancouver, British Columbia--(Newsfile Corp. - June 8, 2022) - Cabral Gold Inc. (TSXV: CBR) (OTC: CBGZF) (\"Cabral\" or the \"Company\") is pleased to announce that it has entered into an agreement with Paradigm Capital Inc. (the \"Agent\") to act as lead agent and sole book runner in connection with a proposed \"best efforts\" private placement of up to 10,000,000 units of the Company (the \"Units\") at a price of $0.30 per Unit for total proceeds of up to $3,000,000 (the \"Offering\"). Each Unit will consist 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 will entitle 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 is in addition to the prospectus offering announced on May 25, 2022, for which an update is provided below.The Company has granted to the Agent an option, exercisable in whole or in part, in the sole discretion of the Agent, at any time up to 48 hours prior to the final closing date of the Offering, to purchase additional Units, in an aggregate amount not to exceed 15% of Units sold pursuant to the Offering, on the same terms and at the same price as the Units sold under the Offering, to cover over-allotments, if any, and for market stabilization purposes (the \"Over-Allotment Option\").The Company intends to use the net proceeds from the Offering for exploration and development activities, and general working capital purposes.The Agent will be paid a cash commission equal to 6.0% of the gross proceeds of the Offering (including on any exercise of the Over-Allotment Option), subject to a reduced cash commission equal to 3.0% in respect of any sales of Units to purchasers on a president's list provided by the Company to the Agents. The Company shall also issue to the Agents that number of compensation options (the \"Compensation Options\") that is equal to 6.0% of the Units issued under the Offering (including on any exercise of the Over-Allotment Option), subject to a reduced number of Compensation Options equal to 3.0% in respect of any sales ...