On January 16, 2024, CanAsia Energy Corp. closed the transaction. The company has issued 12,580,000 common shares at an issue price of CAD 0.10 per share for aggregate gross proceeds of CAD 1,258,000 in its second and final tranche closing.

The company has issued total 63,000,000 common shares at an issue price of CAD 0.10 per share for total gross proceeds of CAD 6,300,000 in two tranches in the transaction. Pursuant to the second tranche, 1,580,000 life shares were issued under the listed issuer financing exemption and 11,000,000 Accredited Investor Shares were issued under the accredited investor exemption. The first trade of LIFE Shares will not be subject to any hold period or other resale restrictions.

Unless permitted under securities legislation, the Accredited Investor Shares cannot be traded before 4 months and a day after the date hereof. Chief Executive Officer and two directors participated in the Offering by purchasing an aggregate of 17,000,000 shares in the two tranches. They held an aggregate of 7% of company's issued and outstanding shares before the Offering and now hold an aggregate of 18.1% of the shares.

The company paid to the Agent an advisory fee of CAD 70,000 in cash and issued 670,200 broker warrants. The company has also issued to the Agent 24,600 non-transferable broker warrants equal to 6% of the number of shares sold through the Agent under the Offering, other than Shares sold to president's list purchasers.