The TSX Venture Exchange has accepted for filing documentation with respect to a non-brokered private placement announced on Oct. 17, 2023.

Convertible debenture:  the principal amount of $7,438,264 (U.S.) ($10,161,412.45)

Conversion price:  convertible into up to 33,810,291 shares at 22 cents per share of principal outstanding

Maturity date:   Sept. 30, 2026

Interest rate:  10 per cent per annum, compounded annually on Sept. 30, not in advance; interest may be paid in cash or shares; any issuance of securities to settle accrued interest will require the prior approval of the exchange

Number of placees:   two placees

Aggregate existing insider involvement:  two insiders, $7,438,264 (U.S.)

The convertible debenture represents a replacement of the company's existing secured bridge loan pursuant to a financing and security agreement dated Oct. 20, 2022, as amended on Feb. 17, 2023, April 17, 2023, and June 6, 2023, and a promissory note dated June 22, 2023. The convertible debenture's principal amount of $7,438,264 (U.S.) ($10,161,412.45) consists of $5,548,408 (U.S.) from the bridge loan and $1,889,856 (U.S.) from the promissory note, including principal and accrued and unpaid interest outstanding.

The company issued a news release on Oct. 19, 2023, confirming the closing of the private placement.