Business
San Angelo Oil Limited Announces Closing of Second Tranche of Offering by Cabral Gold Ltd.
San Angelo Oil Limited Announces Closing of Second Tranche of Offering by Cabral Gold Ltd....
About this update from Cabral Gold, Inc.
[{"type":"text","content":"\n\n\n\nSan Angelo Oil Limited Announces Closing of Second Tranche of Offering by Cabral Gold Ltd.\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\n\n\n\n\n\n\nCanada NewsWire\nVANCOUVER, Oct. 20, 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. 20, 2017 /CNW/ - San Angelo Oil Limited (\"San Angelo\") (NEX: SAO.H) is pleased to announce that Cabral Gold Ltd. (\"Cabral\") has closed the second tranche of their private placement financing (the \"Offering\"). The Offering is being conducted in connection with the business combination (the \"Business Combination\") between San Angelo and Cabral. \n\nThe second tranche of the Offering was completed on a brokered basis pursuant to the terms of an agency agreement between San Angelo, Cabral and M Partners Inc. (the \"Agent\"). In this tranche, Cabral raised gross proceeds of approximately $1.8 million, bringing total gross proceeds raised in the Offering to $3.6 million. Cabral expects to close a third and final tranche of the Offering by the end of October. The funds are being held in escrow pending closing of the Business Combination.  \n\nIn the second tranche of the Offering, Cabral issued 16,665,752 subscription receipts (the \"Subscription Receipts\") at a price of $0.108 per Subscription Receipt. Immediately prior to the closing of the Business Combination, each Subscription Receipt will convert, without additional consideration, into 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\"). Each whole Unit will be comprised of one post-consolidation common share of San Angelo, one-half of one class A warrant and one-half of one class B warrant. Each whole class A warrant will entitle the holder to purchase one post-consolidation common share of San Angelo at a price of $0.75 for a period of one year after the closing of...