Cruz Cobalt Corp. announced a non-brokered private placement of 34,653,465 units at a price of CAD 0.101 per unit for gross proceeds of CAD 3,500,000 on August 24, 2022. Each unit consists of one common share and one transferrable share purchase warrant.

Each warrant entitles the holder to purchase one additional common share at a price of CAD 0.15 until 5:00 p.m. five years from the closing. All securities issued in the transaction are subject to a statutory hold period expiring four months and one day after the closing. Finder's fees may be paid to eligible finders.