The TSX Venture Exchange has accepted for filing the company's proposal to issue 42,105,263 warrants, with each warrant entitling the holder to acquire one common share of the company at an exercise price of 9.5 cents until Oct. 6, 2028, to an arm's-length party in consideration of a secured credit facility of $4.3-million.

The facility bears an interest of SOFR (secured overnight financing rate) plus 5 per cent per annum and has a maturity date of Oct. 6, 2028. The company may elect to capitalize the interest payable on the facility semi-annually, in arrears, at a rate of SOFR plus 7 per cent. The facility will have an original issue discount of 7 per cent. The company also paid an arrangement fee of $100,000 to the lender for the facility.

The company also issued 1,158,301 shares, at a deemed price of 7.77 cents per share, and paid a cash fee of $90,000 to an arm's-length financial adviser in relation to the facility.

For additional details, please refer to the company's news releases dated Sept. 27, 2023, and Oct. 6, 2023.