On July 18, 2022, Margaret Lake Diamonds Inc. closed the transaction. The company issued 3,333,327 flow through units for gross proceeds of CAD 499,999.05 and 10,371,126 non flow through units for gross proceeds of CAD 1,451,957.64? and aggregate gross proceeds of CAD 1,951,956.69 in the transaction. The company issued an aggregate of 5,550,285 units for gross proceeds of CAD 777,039.90 and an aggregate of 2,650,327 flow-through units for gross proceeds of CAD 397,549.05 and aggregate gross proceeds of CAD 1,174,588.95 in its second and final tranche. Two insiders of the Company subscribed for an aggregate of 650,000 Units under the Second Tranche. The transaction remains subject to the final approval of the TSX Venture Exchange. The securities issued in connection with the Second Tranche bear a statutory four month hold period which expires on November 19, 2022.

Finder's fees of 37,333 non-transferable flow-through share purchase warrants and 257,142 non-transferrable non-flow-through share purchase warrants were issued to Research Capital Company in connection with the Second Tranche. Each flow-through Finder's Warrant entitles the holder to purchase one flow-through share at a price of CAD 0.30 and each non flow-through Finder's Warrant entitles the holder to purchase one Common Share at a price of CAD 0.28, both for a period of 24 months after the date of issuance.

The TSX Venture Exchange has accepted for filing documentation with respect to the transaction. The transaction included participation from 40 placees. The transaction included participation of insiders such as George Kovalyov for 85,714 shares, Joel Warawa for 55,000 shares, retuning investor Yari Nieken of 1113300 B.C. Ltd. for 1,928,571 and Larry Timlick of Triplet Management for 150,000. The company paid finder's fee of CAD 16,413.60 in cash and 114,480 finder's warrants payable to Canaccord Genuity Group Inc. for 257,142 finder's warrants and Research Capital Corporation for 37,333 finder's warrants. Each warrants exercisable into one common share at CAD 0.28 for a two-year period.