On November 20, 2023, Tryp Therapeutics Inc. closed the transaction. The company issued AUD 3.215 million in the transaction. Closing of the Private Placement is subject to final approval by the Canadian Securities Exchange.

The securities issued in the Private Placement, including the common shares issuable on conversion of the Notes, will be subject to a hold period of four months and one day from the closing date of the Private Placement in accordance with applicable securities laws. The transaction included participation from new investor Jason Carroll for AUD 0.325 million. The company will pay 6% of proceeds raised under the Private Placement and will be issued such number of warrants as equals to 4.0% of the Common Shares issuable on conversion of the Notes.

The transaction was oversubscribed.