On November 17, 2022, Tectonic Metals Inc. closed the transaction. The transaction included participation from 48 placees, including existing insiders of 2 placees for 4,750,000 units. In connection with the offering and in accordance with the policies of the TSXV, the company paid Haywood Securities Inc. and Gerhard Merkel cash findersÆ fees totaling CAD 48,330 and issued to the finders 604,125 non-transferable common share purchase warrants.

Each finderÆs warrant is exercisable into one common share at an exercise price of CAD 0.12 per common share and expires November 17, 2024. All securities issued under the offering are subject to a four-month and one day hold period. Securities issued to United States investors under the offering are subject to a six-month hold period.

The offering is subject to certain conditions, including, but not limited to, the receipt of all necessary approvals, including the final approval of the TSXV. The company has raised $322,285 (CAD 430,000) from 2 investors pursuant to exemption provided under regulation D.