On February 15, 2023, Turmalina Metals Corp. closed the transaction. The company engaged with the Haywood Securities Inc., Canaccord Genuity Corp., Eventus Capital Corp., PI Financial Corp., Red Cloud Financial Services Inc., Leede Jones Gable Inc., and Research Capital Corporation as finders in connection with the offering. The company paid each finder a commission equal to 7% of gross proceeds of the offering raised from sales to subscribers identified by such finder for an aggregate cash commission of approximately CAD 254,124. In addition, the company issued to each finder a number of common share purchase warrants equal to 7% of the units sold pursuant to the offering to subscribers identified by such finder for an aggregate of 564,719 compensation warrants. Each compensation warrant entitles the holder to acquire one common share at an exercise price of CAD 0.45 per common Share for a period of 24 months following the closing of the offering. The compensation warrants, and the common shares underlying the compensation warrants, are subject to a statutory hold period of four months and one day from the date of issuance.

The TSX Venture Exchange has accepted for filing documentation with respect to the transaction. The transaction included participation from 90 placees and total pro group involvement for 979,000 units. The company paid CAD 254,124.51 in cash and issued 564,719 warrants to seven finders in the transaction.