On September 14, 2023, EV Nickel Inc. closed the transaction. The company has issued 33,633,333 units for gross proceeds of CAD 2,018,000 in its second and final tranche bringing the total funds raised in the transaction to CAD 2,100,020.The company paid CAD 88,761 and 1,479,357 in common share purchase warrants. Each finder's Warrant will entitle the holder thereof to purchase one Common Share at an exercise price of CAD 0.09 for a period of 24 months following the Closing Date. The transaction included participation from three new strategic investors consisting of two generalist financial investors, John Paterson and Hegemon VC EVNi, LLC and one industry participant. In connection with the offering, and pursuant to Investor Rights Agreements entered into with each of the new Strategic Investors, each New Strategic Investor was also granted the right to nominate a candidate to the EVNi board of directors. One of the New Strategic Investors, John Paterson, will hold Nomination Rights until December 31, 2025, and the other two New Strategic Investors will retain their Nomination Rights provided they continue to hold at least 5% of the Common Shares. Each of the New Strategic Investors has also been granted a right to maintain their pro-rata interest in the company in future financings. Hegemon acquired 7,250,000 units at a price of CAD 0.06 per unit pursuant to the Private Placement, for a total subscription price of CAD 435,000. Post completion, Hegemon beneficially owns, and has control and direction over, 7,250,000 shares and 7,250,000 warrants, representing approximately 8.4% of the outstanding shares on an undiluted basis and 15.4% on a partially-diluted basis, assuming the exercise of the warrants, based upon 86,397,271 shares outstanding upon completion of the Private Placement. The transaction was oversubscribed.

On November 10, 2023, the company announced that the transaction has been approved by the TSX Venture Exchange. The transaction included participation from 31 placees.