On September 25, 2023, Terra Balcanica Resources Corp. closed the transaction. The company has issued 1,826,470 units at an issue price of CAD 0.085 per unit for gross proceeds of CAD 155,250 in its fifth and final tranche.

Each warrant entitles the holder to purchase one common share at an exercise price of CAD 0.13 until September 22, 2026. The company paid finders? fees in the amount of CAD 3,570 in connection of the tranche.

The company issued a total of 14,267,967 units for aggegate gross proceeds of CAD 1,212,777 in the transaction. All securities issued and issuable in connection with the closing of the fifth tranche of the transaction will be subject to a four month hold period ending January 23, 2024.