The TSX Venture Exchange has accepted for filing documentation relating to a share purchase agreement dated May 15, 2023, and a deed of amendment to share purchase agreement dated June 23, 2023, between the company, Maginito Ltd. (a subsidiary of the company), and arm's-length vendors. Pursuant to the terms of the agreement, the company, through Maginito, will acquire the remaining 58-per-cent interest in HyProMag Ltd. Upon completion of the transaction, Maginito will own a 100-per-cent interest in HyProMag.

As total consideration, the company will provide the vendors one million pounds sterling (approximately $1.7-million (Canadian)) in a cash payment and further issue 9,742,031 common shares of the company at a deemed price of 17.03 Canadian cents per share (valued at one million pounds sterling). In addition, conditional upon certain milestones being completed, the company may further provide to the vendors up to three million pounds sterling (approximately $5.1-million (Canadian)) either in cash or in common shares of the company. Any future issuance of common shares of the company for completion of milestones will be subject to exchange acceptance.

For further information, refer to the company's news releases dated May 16, 2023, and Aug. 3, 2023.