DelphX Capital Markets Inc. announced a non-brokered private placement and it will issue up to 18,750,000 units at an issue price of CAD 0.08 per unit for gross proceeds of up to CAD 1,500,000 on June 29, 2023. Each unit consists of one common share and one common share purchase warrant. Each warrant entitles the holder to purchase one common share at a price of CAD 0.15, for a period of two years from the date of issuance. Completion of the transaction is subject to the approval of the TSX Venture Exchange. The securities issued pursuant to the transaction will be subject to a hold period of four months plus one day from the date of issuance. The company intends to complete the closing of a second tranche of the transaction shortly.

On the same date, the company announced that it has issued of 5,425,000 units at an issue price of CAD 0.08 per unit for gross proceeds of up to CAD 434,000 in its first tranche. Insiders participated in the first tranche subscribing for 5,050,000 units. In connection with the closing of the first tranche, the company will pay cash finder's fees of CAD 16,000 and issue 200,000 finders' warrants to AlphaNorth Asset Management, an eligible finder. The finders' warrants will be exercisable at CAD 0.15 each for a period of two years after issuance.