On May 28, 2024, Val-d'Or Mining Corporation closed the transaction. The company issued 43 debenture units at an issue price of CAD 10,000 per debenture unit for the gross proceeds of CAD 43,000. Each debenture unit consists of one convertible senior unsecured debenture with a principal amount of CAD 10,000 and 70,000 detachable common share purchase warrants.

Each warrant is exercisable for a period of 12 months from the closing of the debenture financing, at an exercise price per warrant of CAD 0.07. Two insiders of the company participated in the debenture financing for aggregate cash consideration to the company of CAD 210,000. The debentures have a term of 12 months expiring on May 28, 2025, subject to early redemption and bear interest at the rate of 6% accrued and compounded annually, which interest will be paid in cash or shares at maturity or redemption.

At maturity, the debentures will be converted into fully paid common shares of the company, at a conversion price of CAD 0.06. The debentures, warrants and all securities issuable on the conversion or exercise thereof are subject to a hold period until September 29, 2024, in accordance with applicable securities legislation and policies of the TSX Venture Exchange.