The TSX Venture Exchange has consented to a further reduction in the exercise price of the following warrants.

Number of warrants:  35 million

Expiry date of warrants:  Jan. 30, 2018

Forced exercise provision:  If the closing price for the company's shares is 7.5 cents or greater for a period of 10 consecutive trading days, then the warrant holders will have 30 days to exercise their warrants; otherwise, the warrants will expire on the 31st day.

Original exercise price of warrants:  19.5 cents

New exercise price of warrants:  six cents until Jan. 30, 2018

These warrants were issued pursuant to a $39-million (U.S.) and a $28-million (U.S.) secured term loan, which were accepted for filing by the exchange effective on Feb. 6, 2015, and Nov. 26, 2015, respectively.

For further details, please refer to the company's news release dated Jan. 10, 2017.