Further to a convertible debenture issued pursuant to a private placement originally accepted by the TSX Venture Exchange effective June 25, 2018, and further amended Feb. 5, 2021, Nov. 23, 2021, and replaced on Nov. 2, 2022 (the original convertible debenture), the exchange has consented to a new replacement of the original convertible debenture (the replacement convertible debenture). The company is not receiving any new additional funds. The amount of aggregate principal outstanding is $1.85-million, of which $1.75-million will be replaced as per below and $100,000 will mature on Nov. 23, 2023. The original principal amount of the convertible debenture was $2-million.

Original convertible debenture conversion price:  convertible into eight million common shares at 25 cents per share of the principal outstanding

Replacement convertible debenture conversion price:  convertible into 11,666,666 common shares at 15 cents per share of the principal outstanding

Original convertible debenture detachable warrants:  four million detachable warrants

Replacement convertible debenture detachable warrants:  5,833,333 detachable warrants

Original convertible debenture maturity date and detachable warrant expiry date:  Nov. 23, 2023 (previously amended and replaced, see below)

Replacement convertible debenture maturity date and detachable warrant expiry date:  Nov. 23, 2024

Original convertible debenture detachable warrant exercise price:  each whole warrant is exercisable at the price of 25 cents

Replacement convertible debenture detachable warrant exercise price:  each whole warrant is exercisable at the price of 15 cents

The maturity date and warrant expiry date of the original convertible debenture was extended from May 23, 2021, to Nov. 23, 2021, as accepted for filing by the exchange effective Feb. 5, 2021, further extended to Nov. 23, 2022, as accepted for filing by the exchange effective Nov. 23, 2021, and replaced to Nov. 23, 2023, as accepted for filing by the exchange effective Nov. 2, 2022.

All other details of the replacement convertible debenture remain unchanged from the original convertible debenture.

For further information, please refer to the company's press releases dated Oct. 27, 2023, and Nov. 22, 2023.