On July 8, 2022, King's Bay Resources Corp. closed the transaction. The company issued 15,000,000 units at a price of CAD 0.05 per unit for gross proceeds of CAD 750,000.

Each unit comprises one common share and one-half of one common share purchase warrant with each warrant exercisable to acquire one common share at a price of CAD 0.10 per share for a period of 24 months from the date of issuance. The common shares and warrants comprising the units are subject to a four month and one day hold period from the date of issuance under applicable Canadian securities laws. The transaction was approved by all of the independent directors of the company.