Business
San Angelo Oil Limited Announces Closing of First Tranche of the Offering by Cabral Gold Ltd. and Update on Business Combination
San Angelo Oil Limited Announces Closing of First Tranche of the Offering by Cabral Gold L...
About this update from Cabral Gold, Inc.
[{"type":"text","content":"\n\n\n\nSan Angelo Oil Limited Announces Closing of First Tranche of the Offering by Cabral Gold Ltd. and Update on Business Combination\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\n\nCanada NewsWire\nVANCOUVER, Oct. 16, 2017\n\n\n\n/THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT AUTHORIZED FOR DISTRIBUTION TO THE UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES./\n\n\n\nVANCOUVER, Oct. 16, 2017 /CNW/ - San Angelo Oil Limited (\"San Angelo\") (NEX: SAO.H) is pleased to announce that Cabral Gold Ltd. (\"Cabral\") has closed the first tranche of their private placement financing previously announced on May 11, 2017 (the \"Offering\"). The Offering is being conducted in connection with the business combination (the \"Business Combination\") between San Angelo and Cabral. San Angelo is also pleased to provide an update regarding the Business Combination.\n\nFinancing by Cabral\n\nIn the first tranche of the Offering, Cabral raised gross proceeds of approximately $1.8 million through the sale of 16,666,328 subscription receipts (the \"Subscription Receipts\") at a price of $0.108 per Subscription Receipt.\n\nThe funds will be held in escrow pending closing of the Business Combination. Immediately prior to the closing of the Business Combination, each Subscription Receipt will be exchanged, without additional consideration, for one unit of Cabral which will, in conjunction with the closing of the Business Combination, be exchanged for 0.18 of a unit of San Angelo (each whole such unit being referred to as a \"Unit\") at an effective post consolidation (1:5) issue price of $0.60.  All prices and exercise prices are based on the equivalent price of post-consolidated San Angelo shares using the share exchange ratio of 0.18 of one post consolidation common share of San Angelo for each one common share of Cabral held, as per the previously announced Business Combination.\n\nEach whole Unit will be comprised of one post-consolidation common share of San Angelo, one-half of one class A wa...