Pontus Protein Ltd. announced a non-brokered private placement of a minimum of 3,125,000 units and maximum of 12,500,000 units at an issue price of CAD 0.16 per unit for a minimum gross proceeds of CAD 500,000 and maximum gross proceeds of CAD 2,000,000 on March 3, 2022. Each unit consist of one common share and one share purchase warrant. Each warrant will entitle the holder to purchase one additional share at a price of CAD 0.30 per warrant share for a period of 2 years from the closing date. All securities to be issued pursuant to the transaction, including those issued in first tranche are subject to a statutory hold period of four months and one day for the date of their respective issuance. No finder's fees were paid in connection with the closing of the first tranche, however such fees may be payable in connection with the remainder of the transaction in accordance with the policies of the TSX Venture Exchange. The completion of additional tranches of the transaction are subject to the approval of the Exchange.

On the same day the company issued 3,947,250 units for a proceeds of CAD 631,560 in its first tranche closing.