On May 20, the explorer said it was raising the monies to help advance new high-grade gold targets on the flagship Cuiú Cuiú project in Brazil.
The company said it will now issue up to 32 million shares at $0.125 per share, compared to the 16 million announced last week at the same price.
Net proceeds will be used for drilling high-grade gold targets and regional exploration at Cuiú Cuiú and for general corporate and working capital purposes, the company added.
At the Brazilian project, the Vancouver-based company has released a series of promising drill results over the last six months that have helped to identify targets.
In February, Cabral announced the discovery of high-grade gold mineralization at surface in a new zone known as Alonso, where rock samples revealed gold values averaging around 91.7 grams per ton.
The latest target to be identified, Medusa, is located four kilometres east of Alonso. In April, Cabral reported two areas of quartz-sulphide boulders there on surface with returned values ranging from 1.1 to 82.1 grams per ton gold and 5.2 to 50.1 grams per ton gold.
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