The TSX Venture Exchange has accepted for filing documentation with respect to a non-brokered private placement announced Jan. 11, 2024.

Convertible debenture:  $1.99-million in outstanding principal amount of unsecured convertible debentures

Conversion price:  convertible into 2,653,333 units of the company at 75 cents per unit (Each unit consists of one common share and one-half common share purchase warrant.)

Maturity date:  Jan. 31, 2026

Warrants:  1,326,666 share purchase warrants to purchase 1,326,666 shares

Warrant exercise price:  $1.05 per share for two years from the date of issuance

Maturity extension:  The company has the option to extend the maturity date of the convertible debentures by one additional year, at any time during the term. If extended, the company shall pay a cash extension fee to the holders in the amount of six months of interest, subject to exchange acceptance.

Interest rate:  7.5 per cent per annum, payable semi-annually

Number of placees:  20 placees

Finder's fee:  $89,250 cash and 230,999 warrants

Finder's warrant terms:  Each finder's warrant entitles the holder to purchase one common share at the price of 75 cents for a period of two years from the date of issuance.

The company issued a news release on Jan. 30, 2024, and Feb. 9, 2024, confirming the closing of the private placement. Note that in certain circumstances, the exchange may later extend the expiry date of the warrants, if they are less than the maximum permitted term.