On May 24, 2023, Velocity Minerals Ltd., closed the transaction. The company has raised a total of CAD 1,380,000 in the transaction. All securities issued in connection with the financing are subject to a hold period ending on September 20, 2023.

The financing is subject to final approval of the TSX Venture Exchange. As a part of transaction, the company paid finder's fees consisting of CAD 70,314.28 in cash and issued 468,761 non-transferable finder's warrants. Each finder's warrant entitles the holder thereof to purchase one Share at a price of CAD 0.15 per share for a period of 12 months.

An insider of the company subscribed for 1,385,960 units. The transaction included participation from 13 placees. The transaction included participation from one insider for 1,385,960 shares.

The transaction included participation from two pro groups for 1,761,598 shares. The company intends to continue the transaction for more than one year. The company received $153,966 (CAD 207,893.599784) from single investor pursuant to exemption provided under Regulation D.