Pursuant to the news release dated July 25, 2023, the TSX Venture Exchange has accepted for filing the company's proposal to issue 2,755,173 units of the company at a deemed price of four cents per unit to settle matured convertible debentures of $105,000 in principal, plus $5,207 of accrued interest, to arm's-length parties for an aggregate amount of $110,207. Each unit consists of one common share in the capital of the company and one-half of one non-transferable share purchase warrant. Each whole warrant may be exercised to purchase one additional share for eight cents per share for a period of 18 months from the date of issuance. The warrants will be subject to an acceleration provision, whereby, after four months and one day from the date of issuance, if the shares trade or close on the exchange at 15 cents or more for 10 consecutive trading days, the company has the right to give notice to the warrantholders, by way of news release, that the warrants expiry will be accelerated to 30 days thereafter.

Number of creditors:  three creditors

For further information, please refer to the company's news releases dated July 25, 2023, and Aug. 28, 2023.