On June 29, 2022, Metallis Resources Inc. closed the transaction. On the same date the company received its second and final tranche raised an additional CAD 224,200 comprised of 925,000 non-flow-through units at CAD 0.20 per unit and 170,434 flow-through units at CAD 0.23 per unit. Total proceeds from the financing are CAD 1,704,445 consisting of 2,252,500 non-flow-through units for proceeds of CAD 450,500 and 5,451,934 flow-through units for proceeds of CAD 1,253,945.

Each non-flow through unit consists of one common share and one-half of one non-transferable share purchase warrant with each full warrant exercisable at CAD 0.30 per share for three years. Each flow-through unit consists of one flow-through common share and one-half of one non-flow through non-transferable share purchase warrant with each full warrant exercisable at CAD 0.33 per share for three years. Insiders participated for 50,000 units for gross proceeds of CAD 10,000 in this private placement.

The transaction included participation from 36 placees including insider returning investor D.G. Dupre & Associates Inc. (David Dupre) for 50,000.