On January 18, 2024, Indico Resources Ltd. closed the transaction. The loan will be payable on a date to be determined after the company's next financing, but will be no later than September 22, 2027. Lenders shall have the option to convert the balance of the principal amount into a maximum of 300,00 common shares of the company at a price of CAD 0.20 per share. Additionally, the lenders will have the option to convert any accrued interest into shares at a price that is the greater of the conversion price or the market price of the shares on the NEX board of the TSX Venture Exchange at the time the accrued interest becomes payable. Any payment of accrued interest in shares will be subject to prior approval of the Exchange.

The TSX Venture Exchange has accepted for filing documentation with respect to a non-brokered private placement. The transaction included participation from 3 placees.