On November 6, 2023, Lithos Energy Ltd. closed the transaction. The company issued non-convertible notes in the aggregate principal amount of $550,000 (CAD 753,000) and 999,900 share purchase warrants. The notes have a term of 91 days and bear interest at the rate of 15% per annum payable on closing of the offering.

Each warrant entitles the holder thereof to acquire one common share of the company at a price of $0.55 per warrant share for a period of five years from closing. All securities issued in connection with the offering are subject to a statutory hold period expiring four months and one day after closing of the offering. There were no finder's fees associated with the offering.

The company has issued non-convertible notes for $550,000 pursuant to Regulation D.