On July 11, 2022, Gemina Laboratories Ltd. closed the transaction. The company issued 1,536,200 units at a price of CAD 0.60 per unit for gross proceeds of CAD 921,720. Each unit will consist of one common share and one share purchase warrant.

Each warrant will be exercisable to acquire one share at an exercise price of CAD 0.80 per share until June 30, 2027, subject to acceleration in certain circumstances. In connection with the offering, the company issued 55,617 finder's warrants and paid commissions of CAD 37,570.40. Each finder's warrant will entitle the holder, on exercise thereof, to acquire one additional common share at a price of CAD 0.60 per common share until June 30, 2027.

The securities issued in this private placement will be subject to a four month hold period expiring on November 11, 2022. The company received CAD 481,520 from 3 investors pursuant to exemption provided under Regulation D.