On January 3, 2022, First Tellurium Corp. closed the transaction. The company issued 10,646,000 units for the gross proceeds of CAD 1,130,600 and 2,750,000 flow-through common shares for the gross proceeds of CAD 385,000 in the third and final tranche.

All securities issued under this third tranche closing are subject to a hold period expiring April 30, 2023, in accordance with applicable securities laws and the policies of the CSE. Under the terms of the agreement, MARS will receive cash consideration of $144,000 over a period of twelve months and 500,000 incentive stock options, effective January 2023.