On December 19, 2023, CoTec Holdings Corp. closed the transaction. The company has now issued total of 2,599,076 units at an issue price of CAD 0.75 per unit for aggregate total gross proceeds of CAD 1,949,307 in the transaction. The company has issued 607,276 units at an issue price of CAD 0.75 per unit for aggregate gross proceeds of CAD 455,457 in its second and final tranche closing. Insiders of the company participated in the Private Placement and purchased an aggregate of 222,276 units for gross proceeds of CAD 166,707. All securities issued to Canadian investors in connection with the Private Placement will be subject to a statutory hold period of four months plus a day from the date of issuance in accordance with applicable securities legislation in Canada.

The TSX Venture Exchange has accepted for filing documentation with respect to a non-brokered private placement. The transaction included participation from 8 placees including existing insider involvement of 3 insiders for 222,276 shares.