On November 17, 2021, New Wave Holdings Corp. closed the transaction. The company issued 9,656,239 units for gross proceeds of CAD 3,379,683.65.

Each warrant in the unit is exercisable into one additional share at an exercise price of CAD 0.70 per warrant share on or before November 17, 2023. All securities issued in connection with the Offering are subject to a statutory hold period of four months plus a day in accordance with applicable securities legislation ending on March 18, 2022. No finders' fees were paid in connection with the Offering.

The company received funding pursuant to Regulation D.