On July 11, 2022, Enerev5 Metals Inc. closed the transaction. The company has raised CAD 36,280 from the sale of 725,600 units at a price of CAD 0.05 per unit in its fourth and final tranche closing. The company issued an aggregate of 5,035,600 units in all tranches of the private placement raising aggregate gross proceeds of CAD 251,780.

The transaction involved participation from two placees including William White, three million and a pro group consisting of one investor subscribed for 2,035,600 units. The company paid the placement agent, IBK Capital Corp., a cash fee of CAD 3,265, and issued to the placement agent 72,560 non-transferable broker warrants in connection with the completion of the final tranche. All securities issued in the private placement are subject to a 4-month hold period.