The third and final closing consisted of 3.5 million shares priced at C$0.125 each raising gross proceeds of $437,500.
Funds will be used to explore new targets on the company’s flagship Cuiú Cuiú gold project located in northern Brazil.
READ: Cabral Gold closes second tranche of $4.2 million financing to advance new targets on Cuiú Cuiú project in Brazil
"We would like to personally thank our shareholders and investors for their support in closing this significantly oversubscribed financing,” Cabral CEO Alan Carter said in a statement Wednesday.
“This funding will allow us to drill test a number of recently identified high-grade gold targets and we look forward to issuing regular updates as we continue to unlock the high-grade gold potential of this exciting district."
All told, the Vancouver-based company issued just over 33.4 million shares priced at $0.125 each for gross proceeds of $4,179,014, including a brokered component comprised of 2.4 million shares for proceeds of $300,000.
Cabral had initially planned to raise $2 million according to a May 2020 announcement but upsized the financing twice due to increased investor demand.
Officers and directors of the gold exploration company subscribed for a total of 1.7 million shares for gross proceeds of $212,500.
Cabral paid finder’s fees of $55,625 in connection with the placement and issued 144,000 warrants to brokers exercisable at C$0.20 for a two-year period.
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