On July 7, 2023, Zacapa Resources Ltd. closed the transaction. The company announced that it has issued 19,107,372 units at a price of CAD 0.05 per Unit for gross proceeds of approximately CAD 955,368.6. Certain directors of Zacapa subscribed for Units in the Offering. The company has paid the Finder?s fees of CAD 3,862 and 77,232 non-transferable warrants are payable to Canaccord Genuity Corp., and CAD 12,000 and 240,000 non-transferable warrants are payable to Blue Lakes Advisors SA on a portion of the Offering in accordance with the policies of the TSX Venture Exchange.

Finder?s warrants are exercisable at a price of CAD 0.075 and will expire on July 7, 2026. The Unit Shares, Warrant Shares and any common shares that are issuable from 317,232 finder?s warrants will be subject to a hold period of four months and one day expiring November 8, 2023 in accordance with applicable securities laws. The company has raised $20,162 (CAD 26,800.478532) pursuant to exemption provided under regulation D from 1 investor.

The company announced that TSX Venture Exchange has accepted for filing documentation with respect to transaction. The transaction included participation from 15 placee, two existing insider for 7,940,000 units, and one pro group member for 200,000 units.