On July 22, 2023, Hemlo Explorers Inc. closed the transaction. The company amended the terms of the transaction. The company issued 300,000 units at a price of CAD 0.075 per unit, each comprised of one non flow-through common share and one common share purchase warrant and 4,011,110 flow-through units at a price of CAD 0.09 per unit, each comprised of one flow-through common share and one Warrant, for aggregate gross proceeds of approximately CAD 383,500 in its second and final tranche for aggregate gross proceeds of 7,593,333 units at a price of CAD 0.075 per unit and 6,302,220 FT units at a price of CAD 0.09 per FT unit for aggregate gross proceeds of CAD 1,136,700.

The transaction included participation from 26 placees, including Brian Howlett, Michael Leskove, and Northfield Capital Corporation, Robert Cudney, three insider investor for 2,976,667 units, Three pro group investors for 1,400,000 units. In connection with the closing of the second tranche of the transaction, the company paid certain cash finders fees CAD 26,118 in aggregate over both tranches of the transaction and issued 54,000 finder?s warrants 324,800 in aggregate over both tranches of the transaction to eligible finders in respect of subscriptions for Units and FT Units referred by such finders. Each Finder?s Warrant is exercisable to acquire one common share of the Company at an exercise price of CAD 0.075 per Finder?s Warrant Share until December 30, 2024.

All securities issued in connection with the final tranche of the transaction are subject to a statutory hold period expiring November 22, 2023. The transaction remains subject to final approval of the TSXV Venture Exchange. participated in the transaction.