On July 12, 2023, Aluula Composites Inc closed the transaction. The company has issued 24,489,953 units at a price of CAD 0.15 per unit for aggregate gross proceeds of CAD 3,673,492.95 including partial exercise of the over-allotment option of 4,489,953 units. The securities issued in connection with the Offering are subject to a hold period of four months, expiring on November 13, 2023, in accordance with applicable securities laws.

In connection with the Offering, the Company paid Haywood a cash commission of CAD 220,409.58,issued to Haywood 1,469,397 broker warrants, exercisable to acquire Units at the Issue Price; and paid Haywood a corporate finance fee comprised of CAD 45,918.40 in cash and CAD 137,756.25 payable in Units (being 918,375 Units).The transaction included participation from 75 placees and 22 pro groups for 9,378,302 common shares.