Vancouver, British Columbia – November 25, 2020 – Cabral Gold Inc. (“Cabral” or the “Company”) (TSXV: CBR) (OTC: CBGZF) 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.”
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