With just minutes left before the midnight (Eastern) deadline, the Cubs signed two more 2018-19 J-2 IFA, bringing the total number of 2018-19 J-2 IFA signed by the Cubs to 39, including 21 since the Cubs acquired $750K in ISBP space from the Baltimore Orioles this past April in return for allowing the Orioles to keep 2017 Rule 5 draft pick RHRP Pedro Araujo.
2018-19 Cubs International Free-Agents
The Baltimore Orioles secured Outright Assignment Waivers on RHP Pedro Araujo (who was Designated for Assignment by the Orioles on Wednesday) this afternoon, then he was re-claimed by the Cubs for $50,000 (half the Rule 5 Draft price) and was outrighted back to AAA Iowa (the minor league club from which he was selected by Baltimore in the Major League Phase of the December 2017 Rule 5 Draft), and then the Cubs traded Araujo back to the Orioles for $750K in 2018-19 International Signing Bonus Pool (ISBP) space.
So the Orioles get $50,000 and they get to keep Araujo (but don't need to keep him on their MLB 40-man roster -- he was assigned to AAA Norfolk), and the Cubs get to spend $750K more ISBP money (if they so choose).
However, it's very unlikely that the Cubs would have paid the Orioles $50,000 to re-claim Araujo and then traded him back to Baltimore just for ISBP space (in other words, the right to spend $750K more money on international free-agents) unless there is a particular international player (like maybe Cuban SS Yolbert Sanchez?) or possibly multiple players (like perhaps two or three of the Mexican IFAs recently declared eligible to sign by MLB, like RHP Jaime Melendez, RHP Jose Angel Valenzuela, and/or C Fernando Villalobos) the Cubs wish to sign prior to the 2018-19 ISP signing deadline on June 15th, and the $750K in ISBP space acquired from the Orioles in the Araujo deal (added to whatever remains from their 2018-19 ISBP space) is the only way they can get it done.