On December 5, 2022, Zephyr Minerals Ltd. closed the transaction. The transaction included participation from 17 placees and 2 professional groups for 225,000 units. All securities issued in connection with the private placement, including the shares and warrants comprising the units are subject to a statutory four-month hold period that expires April 6, 2023.

The Company paid a cash finder's fee of CAD 12,600 and issued 157,500 finder's warrants to Leede Jones Gable and a cash finder's fee of CAD 560 and issued 7,000 finder's fee warrants to PI Financial Corp. Each finder's warrant entitles the holder to acquire one common share of the Company at CAD 0.12 per share at any time on or before December 5, 2023. The expiry date of the finder's warrants are also subject to the same acceleration clause as the Unit warrants.