On July 17, 2023, Zimtu Capital Corp. closed the transaction. The company issued 2,312,500 units at a price of CAD 0.08 per unit for gross proceeds of CAD 185,000. Each unit consists of one common share in the capital of the company and one non-transferable share purchase warrant. Each warrant is exercisable into one additional share at a price of 10 cents per warrant share for a period of three years from the closing date. The securities issued under the private placement, and the warrant shares that may be issuable on exercise of the warrants, are subject to a statutory hold period expiring on November 15, 2023. The company further announces that the TSX Venture Exchange has granted a four-week extension to the company for completion of a further tranche of its private placement.

On October 3, 2023, the company announced that it does not intend to proceed with the third tranche of the transaction.

The TSX Venture Exchange has accepted for filing documentation with respect to a non-brokered private placement. The transaction included participation from 18 placees including existing insider involvement of one insider for 5,062,500.