The TSX Venture Exchange has accepted for filing documentation pertaining to a purchase agreement dated July 25, 2023, among the company and arm's-length parties, whereby the company acquired 100 per cent of membership interest in Brane Trust, a trust company regulated by the Alberta Ministry of Treasury Board and Finance.

Under the terms of the agreement, the company has agreed to acquire the target in exchange for the issuance by the company of: (i) up to $9.75-million of convertible debentures, convertible at any time, at the option of the company, into such number of common shares of the company at a price that is the greater of 25 cents per common share and the maximum applicable discounted market price according to the policies of the exchange at the time of the conversion; (ii) a cash payment of $150,000; and (iii) the assumption and payment of approximately $90,000 of outstanding liabilities of the target. The consideration represents an agreed upon value of approximately $9.99-million.

For more information, please refer to the company's news releases dated July 26, 2023, and Dec. 29, 2023.