Canabrava replenishes till

A private placement will enable Canabrava Diamond (CNB-V) to buy new properties and finance ongoing exploration at existing ones.

Four million units will be issued at 50 apiece. A unit consists of one share and half a warrant, with each full warrant entitling the holder to an additional share at 75 within one year of the deal’s closing.

Haywood Sercurities is acting as the agent in the transaction; in return, it will receive 7.5% of the gross proceeds, as well as broker warrants equal to 10% of the units sold and exercisable at 50 over one year.

Canabrava holds several diamond properties in Brazil and Canada, though some are being optioned by other companies. For instance, Navigator Exploration (NVR-V) can earn a half-interest in the company’s Severn package of claims, in northern Ontario, by spending $1.75 million over two years.