Vancouver, British Columbia--(Newsfile Corp. - October 30, 2024) - Cabral Gold Inc. (TSXV: CBR) (OTC Pink: CBGZF) ("Cabral" or the "Company") is pleased to announce the terms of a non-brokered private placement of up to 10,000,000 units of the Company (the "Units") at a price of $0.30 per Unit for gross proceeds of up to $3,000,000 (the "Private Placement"). Each Unit will consist of one common share in the capital of the Company (a "Common Share") and one-half of one common share purchase warrant (each whole common share purchase warrant, a "Warrant"). Each Warrant will entitle the holder to purchase one Common Share at an exercise price of $0.45 for two years following the date of closing of the Private Placement (the "Closing Date").
Cabral may pay finder's fees in connection with the Private Placement. Finders will be paid a cash commission equal to up to 6.0% of the gross proceeds of the Private Placement.
The Company intends to use the net proceeds from the Private Placement for general corporate purposes and to complete drilling and detailed engineering following the recently completed pre-feasibility study on a starter operation designed to target weathered gold-in-oxide material at the Cuiú Cuiú gold district.
The securities issued pursuant to the Private Placement will be subject to a four-month hold period from the Closing Date. Completion of the Private Placement and the payment of any finder's fees will be subject to the receipt of all necessary regulatory approvals, including the approval of the TSX Venture Exchange.
About Cabral Gold Inc.
The Company 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. The Company has a 100% interest in the Cuiú Cuiú gold district located in the Tapajós Region, within the state of Pará in northern Brazil. Two main gold deposits have so far been defined at the Cuiú Cuiú project which contains National Instrument 43-101 compliant Indicated resources of 21.6Mt @ 0.87 g/t gold (604,000 oz) and Inferred resources of 19.8Mt @ 0.84 g/t gold (534,500 oz).
The Tapajós Gold Province is the site of the largest gold rush in Brazil's history producing an estimated 30 to 50 million ounces of placer gold between 1978 and 1995. Cuiú Cuiú was the largest area of placer workings in the Tapajós and produced an estimated 2Moz of placer gold historically.
FOR FURTHER INFORMATION PLEASE CONTACT:
"Alan Carter"
President and Chief Executive Officer
Cabral Gold Inc.
Tel: 604.676.5660
Neither the TSX Venture Exchange nor its Regulation Services Provider (as such term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-looking Statements
This news release contains certain forward-looking information and forward-looking statements within the meaning of applicable securities legislation (collectively "forward-looking statements"). The use of the words "will", "expected" and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Such forward-looking statements should not be unduly relied upon. This news release contains forward-looking statements and assumptions pertaining to the following; "The Company intends to use the net proceeds from the Private Placement for general corporate purposes and to further the ongoing prefeasibility study on the weathered gold-in-oxide material at the Cuiú Cuiú gold district". The manner in which the Company allocates the proceeds from the Private Placement and repays the Loan Agreement may vary from the information provided herein as a result of numerous known and unknown risks and uncertainties and other factors. The Company believes the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct.
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAWS
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/228326
SOURCE: Cabral Gold Inc.
