On July 6, 2022, Labrador Iron Mines Holdings Limited closed the transaction. The company amended the terms of the transaction. The company issued CAD 3,919,200 ($3 million) in equity and CAD 1,306,400 ($1 million) in convertible credit facility for aggregate gross proceeds of CAD 5,225,600 ($4 million).

The company raised equity from Scully Royalty Ltd. against a 7.4% stake. As part of the transaction, Samuel Morrow of Scully Royalty Ltd. will join the company's board of directors.