Cabral Gold Raises $4.5 Million Through Exercise of Warrants
Vancouver, November 25, 2020 - Cabral Gold Inc. (TSXV: CBR) (OTC Pink: CBGZF) ("Cabral" or the "Company") announces that the Company has raised $4,459,366 as a result of the exercise of 22,296,832 share purchase warrants, from a total of 22,796,832 issued in connection with a non-brokered private placement that closed on July 25, 2019. The original expiry date of the warrants was extended by four months to November 25, 2020 in July 2020 (see news release dated July 14, 2020).
Officers and directors of the Company exercised a total of 1,966,667 warrants for proceeds of $393,333. Of this total, the President and CEO of the Company exercised a total of 1,666,667 warrants representing proceeds of $333,333. In order to fund the transaction, the President and CEO sold 645,000 common shares at $0.52 for proceeds of $335,400. The majority of those common shares were placed with a major US-based investment fund.
Alan Carter, President and CEO stated, "The exercise of these warrants provides sufficient funds to ensure the completion of a well-financed exploration drill program well into 2021 which should generate significant news flow. We look forward to providing additional updates and reporting results from our exploration and drilling activities in the coming weeks and months."
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.
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 garimpo in the Tapajós and produced an estimate 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: strategic plans and future operations, and results of exploration. Actual results achieved 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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/69001
