On July 21, 2021, EasTower Group, Inc. closed the transaction. The company entered into subscription agreement and amended the terms of the transaction. The company has now issued 8,659,000 subscription receipts at a price of CAD 0.25 per Subscription Receipt for gross proceeds of CAD 2,164,750.

Each subscription receipt will be exchanged for one common share of the company post closing, and one-half of one common share purchase warrant of the company, for no additional consideration. Each warrant will be convertible into one common share at an exercise price of CAD 0.40 per common for a period of 24 months from the date of closing. The company paid a finder's fee to certain brokers in connection with the transaction equal to 8% of the gross proceeds payable in cash and broker warrants equivalent to 8% of the number of subscription receipts issued.

Each broker warrant shall be exercisable for one resulting issuer share at an exercise price of CAD 0.40 per resulting issuer share for a period of 24 months from the issuance date.