The TSX Venture Exchange has accepted for filing a secured loan in the aggregate amount of $1,453,000 between the company and several arm's-length parties. The loan shall mature two years from the date of issuance and carry an interest rate of 10 per cent per annum.

Additionally, the exchange has accepted the issuance of an aggregate of 1,614,444 bonus shares to be issued to the lenders in connection with the loan. In addition, the company issued 836,111 broker warrants. Each broker warrant is exercisable into one common share at a price of 15 cents for a period of two years from the closing date.