On February 28, 2022, Aurcana Silver Corporation closed the transaction. The company issued 1,926,857 units for gross proceeds of CAD 674,400 in second tranche closing. The company issued 17,064,928 units for gross proceeds of CAD 5,972,725. The hold period for the first tranche expires on June 2, 2022 and the hold period for the second tranche expires on June 29, 2022. The company paid an aggregate of CAD 243,558 in finder's fees and issued an aggregate of 695,880 agent's warrants, with each agent's warrant entitling the holder thereof to purchase one common share at a price of CAD 0.525 for a period of 36 months from the date of issuance. The company has issued CAD 77,4512.16063 of securities pursuant to exemption provided under Regulation D to 10 investors.

The TSX Venture Exchange has accepted for filing documentation with respect to the transaction. The transaction included participation from 104 placees, including insiders Moroney Holdings Inc. for 15,000 units; and Kevin Drover for 1,428,571 units, along with a pro group for 600,000 units. The company paid EDE Asset Management Inc. a fee of CAD 57,561 in cash and issued 164,460 finder's warrants, Sightline Wealth Management LP a fee of CAD 3,675 in cash and issued 10,500 finder's warrants, Haywood Securities Inc. a fee of CAD 33,936 in cash and issued 96,960 finder's warrants, Canaccord Genuity Corp. a fee of CAD 63,945 in cash and issued 182,700 finder's warrants, Four Points Capital Partners LLC a fee of CAD 3,570 in cash and issued 10,200 finder's warrants, PI Financial Corp. a fee of CAD 8,421 in cash and issued 24,060 finder's warrant, Corecam Pte. Ltd. a fee of CAD 42,000 in cash and issued 120,000 finder's warrants, Kreuzfeld AGreceived a fees of CAD 7,350 in cash and issued 21,000 finder's warrants, Leede Jones Gable Inc. a fees of CAD 2,100 in cash and issued 6,000 finder's warrants, and Blue Lake Advisors SA, a fees of CAD 21,000 in cash and issued 60,000 finder's warrants. Each finder's warrant is exercisable to purchase one common share at an exercise price of CAD 0.525 for a three-year period.