On December 2, 2021, Hemlo Explorers Inc. closed the transaction. The company issued 1,289,444 units for CAD 290,124.90 and 120,000 flow-through units for CAD 31,200 for aggregate gross proceeds of approximately CAD 321,324.9 in its second and final tranche. The company issued 6,214,776 units and 1,649,300 flow-through units for aggregate gross proceeds of CAD 1,827,143. In connection with the closing of the final tranche of the transaction, the company paid certain cash finders fees and issued 57,900 finder's warrants to eligible finders in respect of subscriptions for units and flow-through units referred by such finders. Each Finder's Warrant is exercisable to acquire one common share of the company at an exercise price of CAD 0.225 per finder's warrant share until May 25, 2023. All securities issued in connection with the final tranche of the transaction are subject to a statutory hold period expiring April 3, 2022. The Offering remains subject to final approval of the TSXV Venture Exchange.

The TSX Venture Exchange has accepted for filing documentation with respect to offering. The transaction included participation from 36 placees, including Brian Howlett for 75,000 shares; Robert Cudney for 100,000 shares and Northfield Capital Corp for 2.2 million shares and Total pro group involvement for 125,000 shares from two placees. The company paid finder's fees of aggregate of CAD 55,036.20 in cash and 233,226 finders' warrants payable to Haywood Securities Inc., Foster & Associates Financial Services Inc., Hampton Securities Ltd., Research Capital Corp. and Leede Jones Gable Inc.