On January 29, 2024, Pangea Natural Foods Inc. closed the transaction. The company issued 400,000 units at an issue price of CAD 0.15 per unit for the gross proceeds of CAD 60,000 in second and final tranche. Each Unit consists of one common share and one-half of one Share purchase warrant, whereby each whole share purchase warrant shall enable the holder thereof to purchase an additional Share at an exercise price of CAD 0.25 for a period of 24 months from the date of closing.

The securities issued under the Second Tranche Private Placement will be subject to a statutory hold period in Canada expiring May 27, 2024. No finder?s fees were paid in connection with the Second Tranche Private Placement. The Warrants are subject to an accelerated expiry provision such that if the closing price of the Shares is equal to or greater than CAD 0.35 on any Canadian stock exchange for a period of 10 consecutive trading day