On December 23, 2022, Mobi724 Global Solutions Inc. closed the transaction. The closing of the offering consisted of the sale of 20,800,000 units of the company at a price of CAD 0.025 per Unit. Each Unit is comprised of one common share of the company and one common share purchase warrant of the Company.

Each whole Warrant entitles the holder thereof to purchase one Common Share for a period of 5 years expiring December 23, 2027, at a price of CAD 0.05 per warrant share. 4,100,000 Units have been issued on closing and 16,700,00 Units have been closed in escrow pending receipt of Toronto Stock Exchange Venture Exchange final approval. The Company also announces that it has successfully closed a private placement which consisted of the issuance of an unsecured convertible debenture previously announced on December 12, 2022 in the amount of CAD 396,000 maturing on December 23, 2024, bearing interest at a rate of 15% per annum with capital and interest payable on the maturity date.

The Debenture is convertible into common shares at a price of CAD 0.10 per share. The Debenture was issued pursuant to exemptions from prospectus requirements and shall be subject to a statutory hold period of four months and one day expiring April 23, 2023. Closing of the Debenture private placement shall also be subject to the final approval of the TSX Venture Exchange.

The transaction included participation from two placees. The transaction included participation from one insider for 800,000 shares.