On April 21, 2023, Carmanah Minerals Corp. closed the transaction. The company paid CAD 12,720 cash and 212,000 Warrants in connection with the transaction.

The transaction included participation from certain insiders for a total of 1,753,268 Units at an issue price of CAD 0.06 for the gross proceeds of CAD 105,196.08. The transaction included participation from new investor Karim Rayani for 1,536,601 units. Prior closing, the investor held, directly and indidrectly, 2,027,000 shares and 215,000 stock options, representing 17.74 per cent of company's then issued and outstanding common shares on a non-diluted basis, or 19.26 per cent on a partially diluted basis.

Following closing, the investor now holds 3,563,601 shares, 1,536,601 warrants and 215,000 options, representing 18.04 per cent of company's current issued and outstanding common shares on a non-diluted basis, or 24.71 per cent on a partially diluted basis.