On May 5, 2022, EnerSpar Corp. closed the transaction, the company issued 4,551,814 subscription receipts at a price of CAD 0.80 per receipt for gross proceeds of CAD 3,641,451.20 in the transaction. Each subscription receipt will be automatically converted, without payment of any additional consideration and without further action on the part of the holder thereof, for one unit of the company. Each unit consists of one common share of the company and one share purchase warrant entitling the holder to purchase one share at CAD 1.20 for a period of twenty-four months from the date of issuance. The common shares will be consolidated on a1 for 10 basis prior to exchange of the subscription receipts for the common shares and warrants. The securities issued by the company in connection with this offering will be subject to a four-month plus a day from the closing hold period as prescribed by applicable securities laws.