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Vancouver, British Columbia--(Newsfile Corp. - November 20, 2024) - Cabral Gold Inc. (TSXV: CBR) (OTC Pink: CBGZF) ("Cabral" or the "Company") announces amended pricing of its non-brokered private placement of units ("Units") previously announced on October 30, 2024.
Pursuant to the amended pricing, the Company proposes to issue up to 12,500,000 Units at a price of $0.24 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 and one-half of one common share purchase warrant (each whole warrant, a "Warrant"). Each Warrant will entitle the holder to purchase one common share at an exercise price of $0.36 for two years following the date of closing of the Private Placement.
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 prefeasibility 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. Three main gold deposits have so far been defined at the Cuiú Cuiú project which contain National Instrument ("NI") 43-101 compliant Indicated resources of 12.29Mt @ 1.14 g/t gold (450,200oz) in fresh basement material and 11.11Mt @ 0.48 g/t gold (171,883oz) in oxide material. The project also contains Inferred resources of 13.63Mt @ 1.04 g/t gold (455,100oz) in fresh basement material and 12.22Mt @ 0.39 g/t gold (151,608oz) in oxide material. The resource estimate for the primary material is based on the NI 43-101 technical report dated 12th October 2022.The resource estimate for the oxide material is based on an NI 43-101 compliant estimate released on 21st October 2024 with an NI 43-101 compliant technical report expected to be filed within 45 days of the release date.