On May 23, 2023, Rivalry Corp. closed the transaction. The company has issued 254,999 subordinate voting shares at an issue price of CAD 1.5 per subordinate share for gross proceeds of CAD 382,498.5 in its second and final tranche, the company has issued total 4,866,012 subordinate voting shares for gross proceeds of CAD 7,299,018? in the transaction. A director of the company subscribed for 33,333 subordinate voting shares in the private placement and such subscription constitutes a related party transaction within the meaning of applicable Canadian securities laws. The company paid finder’s fees in the amount of CAD 19,775 in connection with the closing of the second tranche of the private placement. The company expects to close an additional tranche of the private placement no later than June 23, 2023. All of the subordinate voting shares issued in connection with the private placement are subject to a four-month and one day statutory hold period from the date of issuance.

The TSX Venture Exchange has accepted for filing documentation with respect to a non-brokered private placement. The transaction included participation from 18 placees including one insider for 33,333 subordinate voting shares and four pro groups for 96,166 subordinate voting shares. The company paid total finder’s fees of CAD 30,275.