Private placement -- non-brokered, convertible debenture
Financing type: non-brokered private placement
Offering: $12,871,538.06 (U.S.) ($17,694,618.20 (Canadian)) principal amount of convertible debenture, convertible into 58,506,991 listed shares
Conversion price: 22 U.S. cents (31.2136 Canadian cents) per listed share
Maturity date: Oct. 16, 2031
Interest rate: prime plus 7 per cent per annum, if paid in cash, or
prime plus 10.0 per cent per annum, if paid in common shares
Commissions in securities: 1,589,147 finders' shares
Private placement -- non-brokered, convertible debenture
Financing type: non-brokered private placement
Offering: $3,528,461.94 (U.S.) ($5,006,181.80 (Canadian)) principal amount of convertible debenture, convertible into 16,038,463 listed shares
Conversion price: 22 U.S. cents (31.2136 Canadian cents) per listed share
Maturity date: Oct. 16, 2031
Interest rate: prime plus 7 per cent per annum, if paid in cash, or prime plus 10.0 per cent per annum, if paid in common shares
Additional details: The loan conversion does not yield new cash proceeds to the corporation. It was issued in settlement of approximately $3,528,461.94 (U.S.) in existing principal and accrued liabilities owed under the credit agreement with Trafigura Pte. Ltd., dated Feb. 8, 2022 (as amended).
For more information, please refer to the company's news releases dated Sept. 29, 2026, and Oct. 15, 2026.
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