The TSX Venture Exchange has accepted for filing the company's proposal to issue five million non-transferable common share purchase warrants to an arm's-length party in return for a $5-million (U.S.) advance under the $28.5-million (U.S.) accordion loan facility with the lender, as announced by the company on Dec. 11, 2023. Proceeds from this advance will be used to finance a $5-million (U.S.) gold stream on the Galaxy gold mine in South Africa owned by Golconda Gold Ltd., as previously announced by the company on Nov. 23, 2023.

Pursuant to the terms of the facility agreement dated Dec. 5, 2023, the company may draw up to a maximum of $28.5-million (U.S.) from the lender. The company's initial advance of $3.5-million (U.S.) under the facility (as announced on Dec. 11, 2023) was used to repay the existing loan with an affiliate of the lender and for working capital purposes. All drawn amounts will bear an interest rate equal to the secured overnight financing rate plus 7.5 per cent per annum. An arrangement fee of 2 per cent from each draw will be added to the aggregate drawn amount. The amounts drawn from the initial advance and future drawdowns will mature three years from the date of the draw and will be secured against the existing investment assets of the company.

Each of the bonus warrants shall be exercisable into one common share in the capital of the company at an exercise price of 31 cents for a period of three years from the date of issuance. The bonus warrants are subject to a four-month-plus-one-day hold period.

For further information, please reference the company's news releases dated Nov. 23, 2023, Dec. 5, 2023, Dec. 11, 2023, and Feb. 27, 2024.