FenixOro Gold Corp. announced a non-brokered private placement of up to 550 convertible debenture units at a price of CAD 1,000 per debenture unit for aggregate gross proceeds of up to CAD 550,000 on July 26, 2023. Each debenture unit will be comprised of one CAD 1,000 principal amount unsecured convertible debenture and 10,526 share purchase warrants.

The outstanding principal amount of each debenture shall be convertible at the option of the holder, at any time prior to maturity, into common shares of the company at a conversion price of CAD 0.095 per common share. Each warrant shall be exercisable to acquire one common share at an exercise price of CAD 0.14 for a period of 36 months from the closing date of the transaction. The debentures will mature 36 months from the closing date, can be repaid at the option of the company on 6 months?

notice, and will bear interest at a rate of 10% per annum, payable on the earlier of conversion, repayment, or maturity. The company has granted 700,000 stock options to certain arms-length consultants. The stock options are exercisable at a price of CAD 0.0008 per share and expire five years from the date of grant.

The transaction is expected to close on or around August 1, 2023. The transaction is subject to certain conditions including, but not limited to, receipt of all necessary approvals including the approval of the Canadian Securities Exchange.