On July 31, 2023, South Atlantic Gold Inc. closed the transaction. The company has amended the terms of the transaction. The company has now issued 8,533,999 common shares at an issue price of CAD 0.06 for the proceeds of CAD 512,039.94.

The transaction included participation from insider of the company including certain directors for CAD 19,000. The securities issued in the transaction are subject to hold period expiring on December 1, 2023. The transaction included participation from four insiders for 984,000 common shares and five pro group for 2,566,666 common shares.