The TSX Venture Exchange has accepted the company's warrant incentive program designed to encourage the exercise of 12,201,837 existing warrants of the company. Each existing warrant entitled the holder to acquire one common share at a price of nine cents per share, as described in the company's news releases dated Feb. 7 and Feb. 15, 2024.

Pursuant to the warrant incentive program, each of the holders of the existing warrants that exercised their 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 15 cents per share that will expire at the earlier of (i) two years from the date of issuance; and (ii) at the company's option, 30 days, if for any 10 consecutive trading days the closing price of the company's common shares equals or exceeds 25 cents.

The early exercise period commenced on Feb. 16, 2024, and expired on March 1, 2024.

In connection with the warrant incentive program, a total of 3,933,363 existing warrants were exercised, providing gross proceeds of $354,002.67 to the company and resulting in the company issuing 3,933,363 common shares and 3,933,363 incentive warrants as displayed herein.

Number of shares issued upon exercise of existing warrants:  3,933,363 common shares

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

Incentive warrants:  3,933,363 common share purchase warrants to purchase 3,933,363 common shares

Incentive warrant exercise price:  Each incentive warrant entitles the holder to acquire one common share at a price of 15 cents per share which will expire on the earlier of (i) March 11, 2026; and (ii) at the company's option, 30 days, if for any 10 consecutive trading days the closing price of the company's common shares equals or exceeds 25 cents.

Number of placees:  17 placees

Aggregate existing insider involvement:   two insiders, 115,000 shares

Aggregate pro group involvement:  one group, 390,000 shares

All existing warrants that were not exercised under the warrant incentive program continue to entitle the holder to acquire common shares as per the original terms of the existing warrants.

For further details, please refer to the company's news releases dated Feb. 7, 2024, Feb. 15, 2024, and March 11, 2024.