The TSX Venture Exchange has accepted the company's early warrant exercise incentive program designed to encourage the exercise of 11.64 million existing warrants of the company. Each of the warrants entitled the holder to acquire one common share at a price 15 cents per share until the Aug. 31, 2018.

Pursuant to the warrant incentive program, each of the holders of warrants that exercised warrants during an early exercise period received an additional warrant entitling such holder to acquire one common share of the company at a price of 46 cents per share until April 21, 2019, subject to an acceleration clause.

The early exercise period commenced on March 22, 2018, and expired on April 13, 2018.

In connection with the warrant incentive program, a total of 6.2 million warrants were exercised, providing gross proceeds of $930,000 to the company and resulting in the company issuing 6.2 million common shares and 6.2 million new warrants as follows.

Number of shares issued upon exercise of existing warrants:  6.2 million common shares

Purchase price (exercise price of the existing warrants):  15 cents per common share

New warrants:  6.2 million share purchase warrants to purchase 6.2 million shares

New warrant exercise price:  at a price of 46 cents per share until April 21, 2019

Number of placees:  five placees

Insider:  Allan Rosenhek, one million

All warrants that were not exercised under the warrant incentive program continued to entitle the holder to acquire one common share at the exercise price of 15 cents per common share until Aug. 31, 2018, in accordance with its terms and the terms of the warrant indenture governing the warrants.

For further details, please refer to the company's news releases dated March 19, 2018, and April 17, 2018.