On October 7, 2022, Valorem Resources Inc. closed the transaction. The company issued 17,189,375 units for proceeds of CAD 2,750,030. The company issued 7,364,375 units at a price of CAD 0.16 per unit for proceeds of CAD 1,178,300 in its third and final tranche.

The company has received CAD 50,000 pursuant to exemption provided under Regulation D from single investor.