On June 30, 2023, Vertical Exploration Inc. closed the transaction. The company amended the terms of the transaction. The company has issued 14,160,000 units at an issue price of CAD 0.05 per unit for CAD 708,000 in the transaction.

The transaction included participation from 17 placees including 1 pro group for 1,214,000 units. The transaction was oversubscribed. Each unit consists of one common share and one transferable common share purchase warrant authorizing the purchase of one additional common share at a price of CAD 0.1 per share until June 30, 2025.

In connection with the transaction, the company paid cash finder’s fees to PI Financial Corp. an arm’s length party, totaling CAD 12,100 and issued 240,200 common share purchase warrants. Each finder’s warrant is exercisable into one common share of the company at a price of CAD 0.1 per finder’s warrant share until June 30, 2024.

All securities issued under the offering are subject to statutory hold periods expiring on November 1, 2023. The offering remains subject to final acceptance by the TSX Venture Exchange.