On December 8, 2023, Eguana Technologies Inc. closed the transaction. The company announced that it has issued 11,300,000 Units at a price of CAD 0.04 per Unit for gross proceeds of CAD 452,000 in the transaction. Each Unit is comprised of one common share and one common share purchase warrant.

Each Warrant entitles the holder thereof to purchase one additional Common Share at a price of CAD 0.06 per Common Share for a period of 24 months following the closing date of the Offering. The Units and any securities issuable upon conversion thereof are subject to a statutory hold period of four months and one day from the date of issuance of the Units. The Offering is subject to final approval by the TSX Venture Exchange.

The Company anticipates closing the second tranche on or about December 22, 2023. The company paid no finder's fees.