The TSX Venture Exchange has accepted for filing a proposed senior secured debenture agreement dated Jan. 25, 2024, between the company and an arm's-length lender, whereby the company will advance up to $4.5-million principal amount over a period of nine months. The loan is a non-convertible, senior secured loan, carries an interest rate of 12 per cent per annum and shall mature on Nov. 30, 2025. Additionally, the exchange has accepted the issuance of 491,848 non-transferable bonus warrants to be issued to the lender in connection with the loan. Each warrant is exercisable into one common share at a price of $3.68 (U.S.) for three years after the effective date of the debenture.

For further details, please refer to the company's news releases dated Dec. 29, 2023, and Feb. 8, 2024.