On September 13, 2019, Axis Auto Finance Inc. (TSXV:AXIS) closed the transaction. The company received gross proceeds of $2,000,000, with an additional $3,000,000 available for future draw at its option on an as-needed basis. The company also issued 5,866,666 common share purchase warrants. Each compensation warrant entitles the holder to acquire one common share of the company at any time on or before September 13, 2021 at an exercise price of $0.45. TSX Venture Exchange has accepted for filing documentation with respect to the transaction. The company has raised $1,991,401 from 2 investors pursuant to exemption provided under Regulation D.