On May 19, 2023, Aurania Resources Ltd. closed the transaction. The company issued 224,703 Units at an issue price of CAD 0.46 per unit for the gross proceeds of CAD 103,363.52 in the third and final tranche. The company issued 9,253,811 units at an issue price of CAD 0.46 per unit for gross proceeds of up to CAD 4,256,753.20 in the transaction.

Each Unit is comprised of one common share and one Common Share purchase warrant. Each Warrant entitles the holder to purchase one Common Share at an exercise price of CAD 0.75 per Warrant Share at any time until the date which is thirty-six (36) months from closing date of the applicable tranche of the transaction. The transaction is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the TSXV and the securities regulatory authorities.

All securities issued and issuable in connection with the transaction are subject to a hold period of four months plus one day from the date of issuance. The transaction included participation from Keith Barron subscribed for an aggregate of 7,413,236 Units in the transaction. The transaction included participation from 25 placees.