On March 21, 2023, South Atlantic Gold Inc. closed the transaction. The company issued 5,100,000 common shares for gross proceeds of CAD 255,000. The transaction included participation from insiders of the company for 200,000 common shares.

The company has paid CAD 12,000 in cash and issued 240,000 finders warrants. Each Finder Warrant entitles the holder to acquire one additional Common Share at a price of CAD 0.055 per share until March 21, 2025. All securities issued pursuant to the offering will be subject to a statutory four month and one day hold period under applicable securities laws expiring on July 22, 2023.

The transaction included participation from 11 placees. The transaction included participation from two insiders for 200,000 shares. The transaction included participation from two pro groups for 1.4 million.