The Gummy Project Inc. announced a private placement of 22,075,884 units at the price of CAD 0.018 per unit for gross proceeds of up to CAD 397,365.912 on May 15, 2023. Each unit will be comprised of one common share in the capital of the Company and one Common Share purchase warrant. Each warrant entitles the holder thereof to purchase one additional common share at a price of CAD 0.05 per common share for a period of two years following the closing date of the transaction, subject to accelerated expiry as described herein.

If, at any time, the closing price of the company's common shares is greater than CAD 0.15 per common share for 10 consecutive days, including days where there is no trading, the company may provide written notice to the holders that the expiry of the Warrants shall be accelerated to a date that is not less than 30 days from the date of the Warrant Acceleration Notice. The units will be subject to a four month and one day hold period following the closing date. The closing date of the transaction is expected to occur on or about June 9, 2023, or such later date or dates as the company may determine, and are subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including approval from the Canadian Securities Exchange.

The Company intended to issue up to 41,666,661 units at the price of CAD 0.018 per unit for gross proceeds of up to CAD 750,000. In connection with the closing of the transaction, the company paid finder's fees of CAD 4,032 in cash and issued 224,000 finder's warrants. The finder's warrants have the same terms of the warrants issued as part of the units.