On May 15, 2023, LithiumBank Resources Corp. closed the transaction. The company issued 3,158,000 units at an issue price of CAD 1.90 per unit for the gross proceeds of CAD 6,000,200.

The overallotment option has been fully exercised of 473,700 for proceeds of CAD 900,300 which bringing the total proceeds raised to CAD 6,900,230. The transaction included participation from 43 placees overall, including one insider from pro group involvement for 100,000. The underwriters received a cash commission of CAD 414,013.8 and were issued an aggregate of 192,372 non-transferable compensation warrants.

Each Compensation Warrant entitles the holder to purchase one unit at a price of CAD 1.28 per compensation unit for a period of 36 months from the date of issuance.