On September 27, 2022, O2Gold Inc. closed the transaction. The transaction included participation from six investors, including new investors, Vc7k Capital Inc. for 2,500,000 units for gross proceeds of CAD 125,000, Forbes & Manhattan Inc., Asset Management Arm. for 3,500,000 units for gross proceeds of CAD 175,000 and Newdene Gold Inc. for 2,500,000 units for gross proceeds of CAD 125,000.

As a result of this transaction, VC7K Capital Inc. now owns 2,500,000 common shares and 2,500,000 warrants, which represents approximately 10.67% of the outstanding common shares on a non-diluted basis and 19.28% on a partially diluted basis, Forbes & Manhattan Inc., Asset Management Arm now owns 3,500,000 common shares and 3,500,000 warrants, which represents approximately 14.93% of the outstanding common shares on a non-diluted basis and 25.98% on a partially diluted basis and Newdene Gold Inc. now owns 2,515,000 common shares and 2,500,000 warrants, which represents approximately 10.73% of the outstanding common shares on a non-diluted basis and 19.38% on a partially diluted basis. The transaction included insider participation for 8,700,000 units. The warrants issued can be exercised at a price of CAD 0.075 per share prior to September 27, 2023.

The company did not pay any fees in connection with the transaction. All the securities issued shall have a hold period expiring on January 28, 2023. The transaction is subject to final approval of the NEX board of the TSX Venture Exchange.