- Cabral Gold (CBR) has announced the terms of a non-brokered private placement for gross proceeds of up to $2,000,000
- The company will issue up to 20,000,000 units at a price of $0.10 per unit
- In addition, the company has amended the terms of the purchase warrants it issued on November 25, 2022, regarding a non-brokered private placement
- The company has also signed a new term loan agreement with Dr. Alan Carter, President and Chief Executive Officer of the company
- Cabral Gold Inc. is a junior resource company
- Cabral Gold Inc. (CBR) opened trading at $0.125 per share
Cabral Gold (CBR) has announced the terms of a non-brokered private placement for gross proceeds of up to $2,000,000.
The company will issue up to 20,000,000 units at a price of $0.10 per unit.
Each unit will consist of one common share in the capital of the company and one common share purchase warrant.
Each warrant will entitle the holder to purchase one common share at an exercise price of $0.20 for two years following the date of closing of the private placement.
The company intends to use the net proceeds from the private placement for payment of outstanding debts, possibly including amounts due to management of the company, general working capital purposes, and, if the proceeds of the private placement are sufficient, exploration and development activities.
In addition, the company issued a total of 6,200,000 share purchase warrants on November 25, 2022, in connection with a non-brokered private placement that closed on that date.
Each share purchase warrant entitles the holder to acquire one common share at a purchase price of $0.30 in the first year following closing through November 25, 2023, or $0.40 per common share in the second year following closing through November 25, 2024.
The company would like to advise the holders of these warrants that it will be seeking approval from the TSX Venture Exchange to reduce the exercise price of the warrants from $0.30 to $0.205 through November 25, 2023, and from $0.40 to $0.30 from November 26, 2023, through November 24, 2024. All other terms of the warrants remain unchanged.
The company has also disclosed that it has entered into a new term loan agreement with Dr. Alan Carter, President and Chief Executive Officer of the company, replacing a previous term loan agreement dated May 24, 2022.
Cabral Gold Inc. is a junior resource company engaged in the identification, exploration and development of mineral properties, with a primary focus on gold properties located in Brazil.
Cabral Gold Inc. (CBR) opened trading at $0.125 per share.