On June 27, 2016, Chibougamau Independent Mines Inc. closed the transaction. The company issued 15,690,000 units for the gross proceeds of CAD 784,500 and 5,000,000 flow-through shares for the gross proceeds of CAD 250,000. The warrants issued in the the transaction can be exercised until December 24, 2017. TSX Venture Exchange has accepted for filing documentation with respect to the transaction. The transaction involved participation from 3 professional group placees for 1,800,000 shares. The securities issued are subject to four month hold period expiring on October 25, 2016. The company paid a finder’s fee of CAD 79,700 and non-transferable options to purchase 1,019,400 additional broker units and up to 364,000 broker warrants to a team led by First Republic Capital Corp., and including Canaccord Genuity Corp., Haywood Securities Inc., and Nathan Rotstein. Each broker unit and broker warrant can be exercised at a price of CAD 0.05 per unit or warrant for a period of two years. The company also issued 300,000 common shares at a deemed price of CAD 0.05 per share. The securities issued to finder’s are subject to four month hold period expiring on October 28, 2016.