Source: Cabral Gold
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  • Cabral Gold (CBR) has announced a public offering of units for gross proceeds of up to $5 million
  • The company will issue up to 16,130,000 units priced at $0.31 per unit
  • The offering is expected to close on June 15, 2022
  • Alan Carter, President and Chief Executive Officer of Cabral Gold has agreed to provide the company with a $1.5M term loan
  • Cabral Gold is a junior resource company focused on gold properties in Brazil
  • Cabral Gold Inc. (CBR) opened trading at C$0.34

Cabral Gold (CBR) has announced a public offering of units for gross proceeds of up to $5 million.

The company will issue up to 16,130,000 units priced at $0.31 per unit. Each unit will consist of one common share and one-half of one share purchase warrant. Each whole warrant will entitle the holder to acquire one additional share for a period of 24 months.

The agents have been granted an option to purchase up to an additional 15 per cent of the units to cover over-allotments.

The net proceeds will be used for exploration and development activities and general working capital purposes.

The offering is expected to close on June 15, 2022 and is subject to TSXV approval.

Cabral Gold has entered into an agreement for a term loan with Alan Carter, President and Chief Executive Officer of the company. Dr. Carter will provide short-term financing to the company by way of an unsecured term loan of up to $1,500,000. Interest on the loan will be payable in common shares. A total of $250,000 will be repayable within 90 days following advance of funds and the balance plus applicable interest will be repayable on or before December 31, 2022.

Proceeds from the loan will be used for advancement of the company’s Cuiú Cuiú project.

Cabral Gold is a junior resource company engaged in the exploration and development of mineral properties, with a primary focus on gold properties located in Brazil.

Cabral Gold Inc. (CBR) opened trading at C$0.34.

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