On May 9, 2024, Simply Better Brands Corp. closed the transaction. The company has now issued 11,428,568 units at a price of at a price of CAD 0.35 per unit for aggregate gross proceeds of up to CAD 3,999,998.8. The company paid aggregate finders fees of CAD 51,450 in cash, being 7% of the total capital raised under the Private Placement from subscribers introduced to the company by the finder, and issued 147,000 finders warrants.

Each finders warrant entitles the holder to purchase one Common Share for a period of 24 months from the date of issue at an exercise price of CAD 0.35 per share. The finders warrants and any common shares issued upon their exercise are subject to the statutory hold period of four months and one day from the date of issuance, in each case, in accordance with applicable Canadian securities laws. In connection with the Private Placement, J R Kingsley Ward, directly and indirectly subscribed for and acquired 2,207,142 Units at a price of CAD 0.35 per Unit.

Prior to the subscription, Ward through VRG Investments Corp., held 4,000,000 Common Shares, 2,000,000 Common Share purchase warrants and 150,000 restricted share units, representing, in the aggregate, 5.46% of the issued and outstanding Common Shares, on an undiluted basis 7.76% of the common shares on a partially-diluted basis, based on the issued and outstanding shares of the company prior to completing the Private Placement. Following completion of the Private Placement, Ward owns directly or exercises control or direction over 6,207,143 Common Shares, 3,103,571 warrants, and 150,000 restricted share units, representing 7.35% of the issued and outstanding Common Shares on an undiluted basis 10.78% of the Common Shares on a partially-diluted basis.