On December 23, 2022, Nortec Minerals Corp. closed the transaction. The company issued 4,513,665 units at an issue price of CAD 0.075 per unit for gross proceeds of CAD 338,525 in the transaction.

The shares issued in connection with the Private Placement are subject to a hold period which will expire on April 24, 2023. Derrick Weyrauch, a director of the company, purchased 666,667 units in the transaction. The transaction included participation from a total of 13 placees.

Total existing insider involvement including one insider participated for 666,667 units and total professional group involvement including one professional group participated for 250,000 units.