On December 16, 2022, Pelangio Exploration Inc. closed the transaction. The company has issued 16,166,667 units at a price of CAD 0.03 per unit for gross proceeds of CAD 485,000 in its second and last tranche. The transaction included participation from 37 placees including one insider investor for 1,500,000 units.

The company paid finder's fees to Raymond James Ltd., Zuri-Invest AG, and Echelon Wealth Partners Inc. totaling CAD 30,630 in cash and 1,021,000 finder's warrants. All securities issued in the final tranche are subject to statutory four month hold periods expiring on April 17, 2023. The transaction remains subject to obtaining final approval of the TSX Venture Exchange.