On July 11, 2024, CoTec Holdings Corp. closed the transaction. The company announced that it has issued 5,500,000 common shares at an issue price of CAD 0.50 per share for the gross proceeds of CAD 2,750,000.

All securities issued to Canadian investors in connection with the Private Placement will be subject to a statutory hold period of four months plus a day from the date of issuance in accordance with applicable securities legislation in Canada.