On February 26, 2016, EXO U Inc closed the transaction. The company raised total proceeds of CAD 2,300,000. Apart from initial 20,000,000 units the company issued 2,500,000 units at CAD 0.12 per unit for gross proceeds of CAD 300,000.

Each unit consists of one common share and one warrant. Each warrant issued in the additional units will entitle the holder to purchase common share at a price of CAD 0.16 for a period of 24 months from the date of closing. TSX Venture Exchange has accepted for filing documentation with respect to the transaction.

The transaction includes participation from insiders including Hypertechnologie Ciara Inc., which acquired 416,667 units at a price of CAD 0.12 per unit and 4,350,000 units at a price of CAD 0.10 units, Chief Executive Officer Kevin Pawsey, who acquired 83,330 units at a price of CAD 0.12 per unit, and Sean Maniaci who acquired 92,500 units at a price of CAD 0.10 per unit. The company paid finder's fee of CAD 9,029.60 and issued 73,245 non-transferable compensation warrants to Canaccord Genuity Corp., Alpha North Group Ltd., and Sherbrooke Street Capital pursuant to the placement of 2,500,000 units at a price of CAD 0.12 per unit and CAD 49,340 and issued 493,400 non-transferable compensation warrants to Canaccord Genuity Corp., Alpha North Group Ltd., and Sherbrooke Street Capital pursuant to the placement of 20,000,000 units at a price of CAD 0.10 per unit. The compensation warrants were issued at the same terms as the warrants issued pursuant to the respective securities in the transaction.

The company also paid $50,000 (CAD 68,310.5) to RPC Capital Ltd as consideration for the introduction by it to the company of certain purchasers in the transaction and its assistance to the company for investor and management presentations. The conversion was made through www.oanda.com as on February 26, 2016.