Navion Capital Inc. announced that it has issued 9,984,464 subscription receipts at an issue price of CAD 0.30 per subscription receipts for the gross proceeds of CAD 2,995,339 on January 25, 2023. Each Navion Listing Subscription Receipt is comprised of one Navion share and one Navion share purchase warrant being exercisable at a price of CAD 0.50 at any time within thirty months from the date of issuance. The company paid the finder's fees of CAD 83,239 and issued 262,298 broker warrants in connection with the transaction.

The finder's fees are subject to TSXV approval. Upon completion of the Transaction and satisfaction of the escrow release conditions in accordance with the terms of a subscription receipt agreement, and without any further action on the part of the holder or payment of any additional consideration, each receipt will automatically convert and be exchanged for one Resulting Issuer Share and one Resulting Issuer share purchase warrant with the same economic terms as set forth above.