On March 29, 2023, Velocity Minerals Ltd. closed the transaction. In connection with the transaction, the company paid finder's fees consisting of CAD 28,000 in cash and issued 186,666 non-transferable finder's warrants. Each finder's warrant entitles the holder thereof to purchase one share at a price of CAD 0.15 per share for a period of 12 months.

Haywood Securities Inc. and Leede Jones Gable Inc. each received CAD14,000 in cash and 93,333 finder's warrants. All securities issued in connection with the transaction are subject to a hold period ending on July 29, 2023. The transaction is subject to final approval of the TSX Venture Exchange.

An insider of the company subscribed for 2,716,470 units in the transaction. The company intends to continue the transaction for more than one year. The company received $409,124 (CAD 557,472.3624) from two investors pursuant to exemption provided under Regulation D.