The Vancouver-based company issued just over 3.9 million shares priced at $0.125 each for gross proceeds of $491,839.
Cabral said it had increased the size of its private placement from $4 million to up to $4.2 million due to increased demand, following an earlier increase from $2 million.
The private placement will now comprise up to 33.6 million shares at a price of $0.125 per share.
In the first and second closings, the exploration firm raised $3,741,514 through the issuance of around 29.9 million shares.
A third and final closing will comprise 3.5 million shares, which will be issued to a single subscriber following receipt of TSX Venture Exchange approval. The final closing will bring the total private placement to 33,432,110 common shares for gross proceeds of $4,179,014.
Cabral has released a series of promising drill results over the last six months that have helped to identify targets at Cuiú Cuiú, including 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.
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