Canabrava to raise $1.2m

In the midst of diamond exploration in northern Ontario and the Mistassini area of north-central Quebec, Canabrava Diamond (CNB-V) intends to raise up to $1.2 million by selling up to 3 million units priced at 39 apiece.

Each unit will consist of one share and half a warrant. A whole warrant will entitle the holder to buy one additional share at 50 over one year.

Haywood Securities will act as the agent, and proceeds will be used for ongoing exploration.