On May 6, 2024, JKS Resources Inc. closed the transaction. The company issued 24,032,417 subscription receipts at a price of CAD 0.30 per share for gross proceeds of CAD 7,209,725.1; and 17,754,738 subscription receipts at a price of CAD 0.45 per unit for gross proceeds of CAD 7,989,632.1; for aggregate gross proceeds of CAD 15,199,357.2. The company paid finder's fees in the amount of CAD 206,028.36 in connection with the private placement to certain arm's-length parties. Each share subscription receipt will be automatically exercised into one common.

Each unit subscription receipt will be automatically exercised into one unit, whereby each unit will consist of one common share and one-half of one common share purchase warrant, with each warrant entitling the holder thereof to purchase one additional common share at a price of CAD 0.60 until May 3, 2027. The transaction included participation from certain insiders for 50,000 share subscription receipts and 22,222 unit subscription receipts. The subscription receipts, including the common shares and the warrants issuable upon automatic exercise of the subscription receipts, are and will be subject to a statutory hold period of four months and one day under Canadian securities laws.