On November 3, 2021, Permex Petroleum Corporation closed the transaction. The company issued 2,647,037 units for aggregate gross proceeds of CAD 714,700 in the transaction. The transaction is over-subscribed. The warrants are having acceleration rights by the company, which has right to call at their exercise price of CAD 0.54 per warrant, in the event that the shares have traded for ten consecutive trading days at a closing price or exceeding CAD 0.60 per share.