On May 31, 2023, Sierra Madre Gold and Silver Ltd. closed the transaction. The company issued 1,300,000 common shares at a price of CAD 0.65 per share for gross proceeds of CAD 845,000 and 5,123,092 subscription receipts at a price of CAD 0.65 per subscription receipt for gross proceeds of CAD 3,330,010, for aggregate gross proceeds under the second tranche of CAD 4,175,010. Together with the first tranche, the private placement raised aggregate gross proceed of CAD 10,353,030.55 closed the second tranche.

On June 1, 2023, the TSX Venture Exchange has accepted for filing documentation with respect to a non-brokered private placement. The transaction included participation from 42 placees and total pro group involvement of 2 placees for 900,000 units and total existing insider involvement of 3,470,200 units (six insiders). The company paid a cash finder fee of CAD 297,367.39 and 444,949 compensation options.