On February 13, 2017, Halio Energy Inc (TSXV:HOIL) closed the transaction. The company issued 604,000 shares for the gross proceeds of CAD 724,800. The securities are issued in the two tranches. The issued in two tranches securities are subject to hold period on May 26 for 85,000 shares and June 11, 2017 for 519,000 shares. The company announced that it has received approval from TSX Venture Exchange with respect to the transaction. The transaction involved participation from 13 placees. Miodrag Andric has subscribed 45,000 shares, Hadj Gill has subscribed 85,000 shares, James Nelson has subscribed 3,500 shares, and Carpe Diem Acquisition Corporation, firm controlled by Charles Ross has subscribed 67,500 shares.