Effective Nov. 26, 2020, the company's short form base shelf prospectus dated Nov. 26, 2020, was filed with and receipted by the Ontario Securities Commission. The prospectus has been filed under Multilateral Instrument 11-102, Passport System, in British Columbia, Alberta, Saskatchewan, Manitoba, Quebec, New Brunswick, Nova Scotia, Prince Edward Island, Newfoundland and Labrador, the Northwest Territories, the Yukon, and Nunavut. The TSX Venture Exchange has also accepted the filing of the company's prospectus supplement dated Jan. 18, 2021.
The exchange has been advised that the closing of the offering occurred on Jan. 22, 2021, for gross proceeds of $9,775,230 (including the underwriters' overallotment option that was exercised in full).
Offering: 31,533,000 units (including 4,113,000 units under the underwriters' overallotment option) (Each unit consists of one common share and one-half of one common share purchase warrant, with each whole warrant being exercisable into one common share at a price of 50 cents for a 24-month period.)
Unit price: 31 cents per unit
Underwriters: Eight Capital, CIBC World Markets Inc., Canaccord Genuity Corp., Red Cloud Securities Inc. and Mackie Research Capital Corp.
Underwriters' commissions: an aggregate of $586,513.80 and 1,891,980 non-transferable compensation warrants (Each compensation warrant entitles the holder to acquire one common share at 31 cents for a 24-month period.)
For further details, please refer to the company's short form base shelf prospectus dated Nov. 26, 2020, the prospectus supplement dated Jan. 18, 2021, and filed on SEDAR, and the news releases dated Jan. 14, 2021, and Jan. 22, 2021.
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