On February 9, 2023, PNG Copper Inc. closed the transaction. The company issued 31,700,000 Units at a price of CAD 0.01 per Unit for the gross proceeds of CAD 317,000 in the second and final tranche. In connection with the closing of the Financing, the Company paid a cash fee of CAD 47,000 and issued 3,170,000 non-transferable broker warrants to IBK Capital Corp.

Each broker Warrant entitles the holder to purchase one Unit at a price of CAD 0.05 until February 9, 2028. All securities issued and issuable pursuant to the transaction will be subject to a hold period of four months and one day from the date of closing.