On October 10, 2023, Electric Metals (USA) Limited, closed the transaction. The company issued a total of 14,255,319 units at a price of CAD 0.235 per unit for the gross proceeds of CAD 3,349,999.97 in its third and final tranche. The company has raised a total of CAD 6,275,000 in the transaction. The transaction included participation from Steve Durbin of Green Mineral Investors LLC acquired 14,255,319 Shares and 14,255,319 Warrants of the company. Immediately prior to the Closing, Steve Durbin, held 2,311,000 Shares representing approximately 1.77% of the then-issued and outstanding Shares on a non-diluted basis prior to the Closing and no other securities of EML, and GMI held 7,021,277 Shares representing approximately 5.38% of the then-issued and outstanding Shares on a non diluted basis prior to the Closing, 7,021,277 Warrants representing approximately 31.56% of the then-issued and outstanding Warrants prior to the Closing (10.21% on a post-conversion basis assuming only the exercise of the Warrants then held by GMI, 11.90% on a post-conversion basis assuming only the exercise of the Warrants held by investor and aggregated with the Share holdings of Steve Durbin and no other securities of the company. Immediately following the Closing, Steve Durbin, sole manager of GMI, held 2,311,000 Shares representing approximately 1.60% of the issued and outstanding Shares on a non-diluted basis immediately following the Closing and no other securities of EML, and GMI held 21,276,596 Shares representing approximately 14.70% of the issued and outstanding Shares on a non-diluted basis immediately following the Closing, 21,276,596 Warrants representing approximately 58.29% of the issued and outstanding Warrants immediately following the Closing and no other securities of the company.

The TSX Venture Exchange has accepted for filing documentation with respect to a non-brokered private placement. The transaction included participation from one placee.