On March 17, 2023, MCF Energy Ltd. closed the transaction. The company issued 24,799,000 subscription receipts at an issue price of CAD 0.50 for gross proceeds of CAD 12,399,500. Finders fees of CAD 500,470 and 1,000,940 warrants, exercisable at CAD 0.62 per share for a period of 12 months, which are payable in respect of the financing and will be paid on closing of the acquisition.

The round was oversubscribed. The transaction included participation 206 placees. The transaction included participation from two insiders for 1.9 million shares and six pro groups for 765,000 shares.