On June 5, 2024, Quebec Rare Earth Elements Corp. closed the transaction. The company announced that it has issued 4,203,333 common shares at an issue price of CAD 0.15 per Common Share for the gross proceeds of CAD 630,499.50 and 2,283,000 flow-through common shares at a price of CAD 0.18 per FT Share for gross proceeds of CAD 410,940; aggregate gross proceeds of CAD 1,041,439.95.

All securities issued pursuant to the Offering will be subject to a hold period of four months plus a day from the date of issuance and the resale rules of applicable securities legislation. The transaction was oversubscribed.