Cayden Resources (CVE:CYD) has increased the non-brokered financing it announced last week from $4.2 million to nearly $5.1 million due to increased demand, the miner said.

The non-brokered private placement is now complete, with gross proceeds of CAD$5.095 million raised by the issue of 5.095 million units at a price of CAD$1.00 each.

Each unit was comprised of one common share plus one half of one share purchase warrant. Each whole warrant is good for one common share at a price of $1.50 for a period of 2 years from closing.

“We appreciate the support of our investors, welcome new investors and thank Sprott Global Resources Investments Ltd., and Euro Pacific Canada Inc. for their assistance in raising the funds,” said president and CEO of Cayden, Ivan Bebek, in a statement.

“We anticipate the next 8 months to be very exciting as we continue to drill the Morelos Sur property and commence further exploration including the initiation of drilling on our El Barquenos property.”

The company said the new funds will be used to advance exploration program at the Morelos Sur and El Barqueno gold projects in Mexico, as well as for general and administrative expenses.

In July, Cayden reported high grade gold in a new trench from its La Magnetita target at the Morelos Sur gold project, which lies in central Guerrero State.

Highlights included 20 metres of 6.39 grams per tonne (g/t) gold, including 6 metres of 14.4 g/t gold.

Also, further along the trench, Cayden said it intercepted 27 metres of 0.48 g/t gold, and 17 metres of 0.62 g/t gold.

Capital markets firm Euro Pacific Capital recently said Cayden had a “very compelling” flagship La Magnetita project as it initiated coverage with a “buy” recommendation.

The miner currently has three projects located in Guerrero and Jalisco, Mexico, and Nevada, USA.

Total commissions on the offering completed include the payment of $241,000 and the issuance of 265,000 broker warrants.