On December 6, 2023, Velox Energy Materials Inc., closed the transaction. As a part of the transaction, the company paid a cash fee of CAD 90,000 and issue 900,000 warrants to eligible finders. Each finder warrant entitles the holder to acquire one common share at a price of CAD 0.075 per share for a period of 24 months from the closing date. The transaction included participation by two directors of the company in the financing for CAD 175,000 or 3,500,000 units. In accordance with applicable Canadian securities laws, all securities issued pursuant to the will have a hold period of four months and one day from the date of issuance. Completion of the private placement and payment of any finder's fees remain subject to the receipt of all necessary regulatory approvals, including approval of the Toronto Venture Stock Exchange.

On December 7, 2023, the company announced that the transaction has been approved by the TSX Venture Exchange. The transaction included participation from 17 placees.