On January 11, 2023, Guanajuato Silver Company Ltd. closed the transaction. The company received CAD 8,513,889.85 total gross proceeds in the transaction. The company issued 4,080,486 units and raised CAD 1,734,206.55 in the second and final tranche closing.

The company has paid total finder's fees in connection with the first and second tranches of the transaction of CAD 238,262.13 cash and finder warrants to purchase up to 550,591 common shares of the company on the same terms as the warrants in accordance with the policies of the TSX Venture Exchange. The company has received CAD 979,983 pursuant to Regulation D from 10 investors. The TSX Venture Exchange has accepted for filing documentation with respect to a non-brokered private placement.

The transaction included participation from 90 placees including existing insider involvement of two placees for 66,025 and pro group involvement of four placees for 595,600.