On March 17, 2023, Cabral Gold Inc. closed the transaction. The company has issued 27,900,000 units at a price of CAD 0.10 for gross proceeds of CAD 2,790,000. The transaction was oversubscribed by CAD 790,000.

Each warrant entitles the holder to acquire one common share at an exercise price of $0.20 per share until March 17, 2025.The company has paid finder's fees totaling CAD 12,000 in connection with the closing of transaction. The transaction included participation from returning investor Phoenix Gold Fund Ltd., a fund managed by AIMS Asset Management Sdn Bhd. Phoenix Gold Fund Ltd. acquired ownership of 3,000,000 common shares and 3,000,000 share purchase warrants of the company.

Investor owned 13,605,286 common shares of the company, representing 8.97% of the issued and outstanding shares of the Issuer. In addition, it owned 2,047,890 share purchase warrants. If it exercised all of its warrants, it would then have owned 15,653,176 common shares of the Issuer, representing 10.18% of the issued and outstanding shares of the Issuer on a partially diluted basis, assuming no further common shares of the Issuer have been issued.

The investor now owns 16,605,286 common shares of the Issuer, representing 8.91% of the issued and outstanding shares of the Issuer on an undiluted basis. In addition, it owns 5,047,890 share purchase warrants. If Phoenix exercises all of its warrants, it would own 21,653,176 common shares of the Issuer, representing 11.32% of the issued and outstanding shares of the Issuer on a partially diluted basis, assuming no further common shares of the Issuer have been issued.

The company has raised CAD 1,470,000 form 8 investors pursuant to Regulation D.