On November 20, 2022, Graphite One Inc. closed the transaction. The company now issued 560,916 units at a purchase price of CAD 1.15 per unit for the gross proceeds of CAD 645,052 in the upsized final tranche. TSX Venture Exchange has accepted for filing documentation with respect to the non-brokered private placement.

The transaction included participation from 11 placees, including individual investors Jerome Birch and Kevin Greenfield. The company has paid finders' fee of CAD 45,154 in cash and 39,264 broker warrants in its final tranche. The company has paid total finder fee of CAD 393,225 and issued 39,264 warrants in the transaction.