On February 23, 2023, Contact Gold Corp. closed the transaction. The transaction included participation from 24 placees, including three insiders of the company, includes President & Chief Executive Officer, Matt Lennox-King, Chairman, John Dorward, and Chief Financial Officer, John Wenger participated in the offering by purchasing an aggregate of 14,000,000 units and pro-group group involvement of 9 placees for 23,500,000 units.

Aggregate finder fees paid in cash in connection with the offering totaled CAD 42,300, and a total of 2,115,000 broker warrants were issued on gross proceeds raised by eligible arm's length parties. Each broker warrant is exercisable to acquire one unit of the company at a price of CAD 0.05 per unit, for a period of 12 months following the closing of the offering. The offering remains subject to the final approval of the TSXV.

The common shares issued pursuant to this offering will be subject to a hold period expiring June 24, 2023. The company intends to continue the transaction for more than one year. The company received $7,381 (CAD 10,000.5169) from single investor pursuant to exemption provided under Regulation D.