On February 28, 2022, Goldhills Holding Ltd. closed the transaction. The company issued 2,850,000 units at a price of CAD 0.25 per unit for gross proceeds of CAD 712,500. Each unit consists of one common share and one half of one whole share purchase warrant.

Each warrant will entitle the holder to purchase one share at a price of CAD 0.40 per share for a two-year term. The warrant term may be accelerated at the company's option if the average closing price of the company's common shares exceeds CAD 0.60 for twenty consecutive trading days. Such accelerated expiry date would be 10 business days following announcement of the accelerated expiry date.

All securities issued in connection with the transaction will be subject to a four month statutory hold period. The company will pay a CAD 27,200 finder's fee in connection with the transaction. The company received final approval from the TSX Venture Exchange.

The transaction included participation from 14 placees.