The TSX Venture Exchange has accepted the company's warrant incentive program designed to encourage the exercise of up to 19,684,505 existing warrants of the company. Each warrant entitled the holder to acquire one common share at a price of 10 cents per share for a two-year period.

Pursuant to the warrant incentive program, each of the holders of warrants that exercised warrants during an early exercise period received an additional common share purchase warrant entitling such holder to acquire one common share of the company at a price of 13 cents per share for a two-year period.

The early exercise period commenced on Oct. 10, 2023, and expired on Nov. 8, 2023.

In connection with the warrant incentive program, a total of 15,793,336 warrants were exercised, providing gross proceeds of $1,579,333.60 to the company and resulting in the company issuing 15,793,336 common shares and 15,793,336 incentive warrants as follows.

Number of shares issued upon exercise of existing warrants:  15,793,336 common shares

Purchase price (exercise price of the existing warrants):  10 cents per share

Incentive warrants:  15,793,336 share purchase warrants to purchase 15,793,336 shares

Incentive warrant exercise price:  13 cents per share for a two-year period

Number of placees:  11

Total existing insider involvement:  7,083,334 (one insider)

All warrants that were not exercised under the warrant incentive program continued to entitle the holder to acquire common shares at the exercise price of 10 cents per common share until May 30, 2024, and July 8, 2024.

For further details, please refer to the company's news releases dated Oct. 6, 2023, and Nov. 9, 2023.