Effective Aug. 4, 2023, the company's short form base shelf prospectus dated Aug. 4, 2023, was filed with and receipted by the British Columbia and the Ontario securities commissions. Under Multilateral Instrument 11-102 -- Passport System, the base shelf prospectus is deemed to have been filed with and receipted by the securities regulators for each province and territory, except Quebec. The TSX Venture Exchange has also accepted the filing of the company's prospectus supplement dated Jan. 19, 2024, related to the offering of units of the company described herein.

The exchange has been advised that closing occurred on Jan. 26, 2024, for gross proceeds of $5.75-million.

Offering:  28.75 million units (including full exercise of the overallotment option); each unit consists of one share and one-half common share purchase warrant

Unit price:  20 cents per unit

Warrant exercise price/term:  30 cents per share for three years from the closing date

Underwriters:  Red Cloud Securities Inc., Leede Jones Gable Inc., PI Financial Corporation, and Research Capital Corporation.

Underwriters' commission:   a total of $336,000 cash

Underwriters' warrants:  a total of 1.68 million non-transferable warrants exercisable to purchase one share at 20 cents per share for three years from the closing date

Overallotment option:  The underwriters were granted an overallotment option exercisable to purchase up to an additional 3.75 million units. The overallotment option was exercised in full at closing.

For further details, please refer to the company's news releases dated Jan. 17, 2024, Jan. 19, 2024, and Jan. 26, 2024, and the company's prospectus supplement dated Jan. 19, 2024, which have been filed on SEDAR+.