Further to the TSX Venture Exchange bulletin on April 10, 2023, the TSX Venture Exchange has accepted for filing the company's proposal to issue additional 3,132,500 bonus warrants in consideration of $2,055,000 (U.S.) of unsecured, non-interest-bearing promissory notes. The principal amount payable is $8.22-million (U.S.) and will only be payable upon successful enforcement of an arbitration award against the Bolivarian Republic of Venezuela.

Each bonus warrant will entitle the holder to purchase one common share of the company at an exercise price of 10 U.S. cents on or before the earlier of: (i) April 4, 2028; and (ii) 30 days from the date of repayment of the principal amount of the notes. If the principal amount of the notes is repaid in part, the number of bonus warrants subject to the accelerated expiry date will be calculated on the basis that the amount repaid bears to the original principal amount of the notes.

For more details, please see the company's news releases dated March 24, 2023, April 4, 2023, and June 7, 2023.