On June 10, 2016, KGIC Inc. (TSXV:LRN) closed the transaction. The company announced that it has raised CAD 400,000 in the third tranche of the transaction. The transaction included participation of directors of the company for CAD 150,000. The company has raised CAD 2,225,000 in the transaction till date. The securities issued will be subject to a hold period until October 11, 2016. TSX Venture Exchange has accepted for filing documentation with respect to the transaction. The transaction involved participation from 8 placees. The transaction involved participation from Martin C. Bernholtz, Director, for CAD 100,000, Alex MacGregor, Chief Executive Officer, for CAD 50,000, and Alexander MacGregor for CAD 575,000.