Cabral Gold brings in over C$4M from warrant exercise to advance Brazil exploration program

Cabral Gold Inc (CVE:CBR) (OTCPINK:CBGZF) (FRA:C3J) revealed it had raised over C$4 million from the exercise of share purchase warrants, which will ensure that an "exploration drill program well into 2021" can take place.  The Brazil-focused explorer said in a statement that 22,296,832 million warrants were exercised, from a total of 22,796,832 that were issued in connection with a private placing that closed in July 2019. The exercise raised C$4,459,366. READ: Cabral Gold appoints prominent Brazilian lawyer Carlos Vilhena to its Board of Directors "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," said Alan Carter, Cabral CEO in a statement. "We look forward to providing additional updates and reporting results from our exploration and drilling activities in the coming weeks and months." Carter himself exercised a total of 1,666,667 warrants representing proceeds of C$333,333. To fund this transaction, he sold 645,000 shares at C$0.52 for proceeds of C$335,400. The majority of those shares were placed with a major US-based investment fund. Cabral Gold is advancing its wholly-owned Cuiú Cuiú gold project located in the Tapajós Region, within the state of Pará in northern Brazil. The 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 estimated 2 million ounces of placer gold historically. In October this year, the company said it had identified a new high-grade target called Dona Moca, which lies 1.6 kilometres east northeast of its Medusa target, at its Cuiú Cuiú project, with surface grab samples returning gold values of 108.3 g/t, 32.0 g/t, 21.9 g/t, and 3.9 g/t. Contact the author at giles@proactiveinvestors.com