The TSX Venture Exchange has accepted for filing a secured loan in the amount of $1.5-million between the company and certain arm's-length and non-arm's-length lenders. The loan shall mature two years from the date of issuance and carry an interest rate of 13 per cent per annum, plus an additional annual fee of 2 per cent.

Additionally, the exchange has accepted the issuance of 4,615,366 bonus shares to be issued to the lenders in connection with the loan. The company is also paying aggregate finders' fees of $60,200, plus 872,307 non-transferable compensation options. Each compensation option is exercisable into one common share at a price of 6.5 cents for a period of two years from the closing date.