On June 15, 2022, Scandium International Mining Corp. closed the transaction. The company has issued 3,190,999 units for gross proceeds of CAD 287,190 in its third and final tranche.

The company has issued 37,803,218 units for gross proceeds of CAD 3,402,290 in the transaction. Each warrant under the transaction entitle the holder to acquire common share at CAD 0.1075 per period of sixty months, expiring June 14, 2027. The transaction is subject to regulatory approval.

All securities issued in the transaction have a hold period of four-month.