Xigem Technologies Corporation announced a private placement of 30,000,000 units at an issue price of CAD 0.10 per unit for gross proceeds of CAD 3,000,000 on April 14, 2022. Each unit consist of one common share and one-half of one common share purchase warrant. Each warrant will entitle the holder to purchase one additional common share at an exercise price of CAD 0.20 per share for a period of 18 months.

All securities issued pursuant to the transaction are subject to a hold period of four months and one day from the date of closing. The transaction is subject to the satisfaction of certain customary closing conditions, including, but not limited to the receipt of all necessary regulatory and stock exchange approvals. Finders' fees may be paid in connection with the Offering in accordance with the policies of the Canadian Securities Exchange.