On January 25, 2023, T2 Metals Corp. closed the transaction. The company has issued 1,269,800 units in the non flow-through units at an issue price of CAD 0.29 per unit for the gross proceeds of CAD 368,242 in the second and final tranche including CAD 74,753.22 from exemption pursuant to regulation D. All shares and warrants issued are subject to a four month hold period from the date of closing.

Post expiration of the hold period, the company can elect to accelerate the expiry of the warrants in the event that the volume weighted average trading price of its common shares on a stock exchange equals or exceeds CAD 0.90 for twenty consecutive trading days, in which case the Warrants will expire thirty days after the date that the company provides written notice of acceleration by way of the issuance of a press release. The transaction remains subject to final acceptance of the TSX Venture Exchange. The TSX Venture Exchange has accepted for filing documentation with respect to a non-brokered private placement.

The transaction included participation from 14 placees including existing insider involvement of two placees for 277,800 flow-through shares and 200,000 non-flow-through shares and pro-group involvement of one placee for 27,778 flow-through shares. The company paid underwriter compensation in in tranche close finders' fees of CAD 33,002 cash and non-transferable broker warrants to purchase 91,673 shares, at a price of CAD 0.29 per share for three years, were paid on a portion of this closing.