On May 27, 2024, Niobay Metals Inc. closed the transaction. The company announced that it has issued 4,350,286 Quebec-eligible flow-through units at an issue price of CAD 0.07 for the gross proceeds of CAD 304,520.02 in second and final tranche. Each Québec FT Unit consists of one common share and one half of one common share purchase warrant. Each Warrant issued under the final tranche of the Offering entitles the holder to purchase one Common Share at a price of CAD 0.12 for a period of 24 months. In connection with the Offering, the Company paid CAD 18,000 in cash and issued 257,143 compensation warrants to a finder, each entitling to purchase a common Share at a price of CAD 0.07 for a period of 24 months. Insiders of the Company have participated in the Offering and subscribed for an aggregate of 939,286 Québec FT Units for proceeds of CAD 65,750. All securities issued pursuant to the final tranche of the Offering are subject to a 4-month hold period under applicable securities laws. The Offering remains subject to the final approval of the TSX Venture Exchange. The Company has issued an aggregate of 8,807,429 Québec FT Units for aggregate proceeds of CAD 616,520.

The TSX Venture Exchange has accepted for filing documentation with respect to a non-brokered private placement. The transaction included participation from 19 placees, 3 existing insiders for 939,286 Quebec flow-through shares and 1 pro group for 100,000 Quebec flow-through shares.