On May 15, 2023, Danavation Technologies Corp. closed the transaction. The company issued 1,650,000 Units at a price of CAD 0.20 per Unit for gross proceeds of CAD 330,000.

Each Unit consists of one common share in the capital of the Company and one Common Share purchase warrant. Each Warrant entitles the holder thereof to purchase one Common Share at a price of CAD 0.30 per Common Share for a period of twenty-four months from the closing date of the Private Placement. Closing of the Private Placement is subject to receipt of all necessary corporate and regulatory approvals.

All securities issued in connection with the final tranche of the Private Placement will be subject to a hold period of four months plus a day from the date of issuance and the resale rules of applicable securities legislation. There were no finder fees or commissions paid in connection with the final tranche of the Private Placement.