On June 1, 2023, the company announced that it has issued 1,769,333 units at a price of CAD 0.30 per Unit for the gross proceeds of CAD 530,799.9 in the first tranche. Each Unit is comprised of one common share and one-half of one common share purchase warrant, with each Warrant entitling the holder to purchase one common share at an exercise price of CAD 0.35 per common share until June 1, 2025. Securities issued under the first tranche of the financing are subject to a four month hold period expiring October 2, 2023, in accordance with applicable Canadian securities laws.

The Company paid aggregate finder's fees of CAD 10,178 in connection with closing the first tranche. The transaction included participation from a director and officer in the first tranche. The company has raised CAD 46,279.51 pursuant to exemption provided under Regulation D from 3 investors.