Brokered private placement

The TSX Venture Exchange has accepted for filing documentation with respect to a brokered private placement announced April 18, 2023, and clarified on April 28, 2023.

Number of shares:  21,276,596 charity flow-through (CFT) shares, including full exercise of overallotment

Purchase price:  47 cents per CFT share

Warrants:  10,638,298 share purchase warrants to purchase 10,638,298 shares

Warrant exercise price:  47 cents for a three-year period

Number of placees:  46 placees

Total pro group involvement:  2,957,441 (13 pro groups)

Underwriters' fees:  Red Cloud Securities Inc., $402,900.01 cash and 857,234 broker warrants; Haywood Securities Inc., $74,062.50 cash and 157,580 broker warrants; Sprott Capital Partners LP, $74,062.50 cash and 157,580 broker warrants; Eight Capital Corp., $41,475 cash and 88,244 broker warrants

Broker's warrant terms:  Each warrant entitles the holder to purchase one common share at the price of 35 cents for period of two years from the date of issuance.

The company issued a news release on May 26, 2023, confirming the closing of the private placement. Note that in certain circumstances the exchange may later extend the expiry date of the warrants, if they are less than the maximum permitted term.