On July 7, 2023, BULGOLD Inc. closed the transaction. The company issued a total of 7,366,831 units for gross proceeds of CAD 2,210,049 in the transaction. The company issued 1,833,500 units for gross proceeds of CAD 550,050 in its second and final tranche closing.

In connection with the transaction, the finders received an aggregate cash fee of CAD 84,528.49 and an aggregate of 281,759 finder’s warrants. Each finder’s warrant entitles the holder to acquire one additional common share of the company at an exercise price of CAD 0.40 until December 23, 2024. Management of the company subscribed for CAD 266,500 in the transaction.

The unit shares and warrant shares issued under the second tranche are subject to a four-month hold period ending on November 7, 2023. The transaction included participation from 37 placees including five insiders for 2,555,000 shares and three placees for 533,333 shares.