On May 21, 2024, Rover Critical Minerals Corp. closed the transaction. The company announced that it has issued 10,000,000 Units at an issue price of CAD 0.03 per unit for the gross proceeds of CAD 300,000 in second and final tranche.

Prior to the closing of the Private Placement, Gunnar Pedersen, the beneficiary of the Acquiror beneficially owned, or had control and direction over, 3,750,000 Common Shares, 3,750,000 Warrants and 500,000 stock options. Subsequent to the First Closing of the Private Placement, Gunnar Pedersen beneficially owns or controls, directly or indirectly, an aggregate of 13,750,000 Common Shares, and 13,750,000 Warrants and 500,000 options. If Gunnar Pedersen were to exercise all of the Warrants and Options controlled by him, he would obtain ownership and control over a total of 28,000,000 Common Shares of the issued and outstanding Common Shares on a partially diluted basis (i.e., assuming the exercise of only Gunnar Pedersen?s convertible securities).

However, Gunnar Pedersen?s warrant certificates do have legends such that he undertakes not to become a control person by way of the exercise of his warrants.