On July 18, 2016, Cyprium Mining Corporation closed the transaction. The company issued 3,00,000 units at a price of CAD 0.065 for the gross proceeds of CAD 195,000 and 466,375 units at a price of CAD 0.08 for the gross proceeds of CAD 37,310. Each unit consists of one common share and one share purchase warrant. Each warrant entitles the holder to acquire additional common share at CAD 0.105 per share for a period of two years from the date of issue. The securities issued are subject to four months and one day hold period. The company paid finder’s fee of 8% of the proceeds and warrants up to 8% of the number of units sold. Each warrant entitles the holder to purchase one unit at CAD 0.065 per unit for a period of 18 from the date of closing.