Rumbu Holdings Ltd. announced a non-brokered private placement to issue 1,000,000 common shares at an issue price of CAD 0.20 for the gross proceeds of CAD 200,000 on September 21, 2023. The Private Placement is comprised of minimum proceeds of CAD 1,800 consisting of a minimum of nine Public Shareholders, each holding a board lot, representing 1,000 Common Shares. All securities issued in the Private Placement will be subject to a statutory hold period of four months from the date of issue.

The closing of the Transaction will be subject to several conditions, including, but not limited to the following Approval by the Majority of the Minority Shareholders of of the QT, The receipt of all regulatory, corporate and third party approvals, including the approval of the TSXV and compliance with all applicable regulatory requirements and conditions necessary to complete the Transaction. The transaction is subject to general shareholders to be held on October 16, 2023. No fees or commissions paid in connection with the Private Placement.

On the closing of the Transaction, it is anticipated that the Board of Directors of the Resulting Issuer will consist of five Directors Daryl Lockyer Lethbridge, Jamie D. Lockyer Lethbridge, Ross O. Drysdale Calgary, Shane A. Wylie Calgar and J. Michael Sullivan Calgary.