The TSX Venture Exchange has accepted for filing the company's proposal to issue up to 12.5 million bonus warrants in consideration of a $2.5-million loan. The loan has a term of up to 24 months. Each warrant is exercisable into one common share at 25 cents for the earlier of the term of the loan or five years. The company must repay the loan, together with a fixed payment equal to 10 per cent of the outstanding balance of the loan, which fixed payment will increase to 15 per cent of the outstanding balance of the loan if the transaction between the company and the lender terminates prior to April 15, 2024.

For additional details, please see the company's news releases dated Dec. 28, 2023, and Jan. 12, 2024.