On December 28, 2022, Imperial Metals Corporation closed the transaction. The Company issued unsecured non-convertible A debentures of an aggregate principal amount of CAD 48,450,000 which have a maturity date of four years from the date of issuance, and which bear interest at a rate of 10.0% per annum, with interest paid semi-annually in cash, with the first payment due June 23, 2023. In connection with the issuance of the A Debentures, the Company issued 6,056,250 common share purchase warrants which are exercisable into common shares of the Company at a price of CAD 2.10 per share for a period of four years from the date of issuance.

The Company also issued unsecured non-convertible B debentures of an aggregate principal amount of CAD 4,550,000 which have a maturity date of twelve months from the date of issuance, and which bear interest at a rate of 12.0% per annum, with interest paid semi-annually in cash, with the first payment due June 23, 2023. No warrants were issued in connection with the B Debentures. purchased CAD 35.45 million of the A Debentures and CAD 4.55 million of the B Debentures, and as part of the purchase of the A debentures received 4,431,250 Warrants.

In addition, directors and officers of the company purchased CAD 1.57 million of the A Debentures and as part of the A Debentures received 196,250 Warrants.