The TSX Venture Exchange has consented to the reduction in the exercise price of the warrants.

Private placement:

Number of warrants:  2,740,899

Expiry date of warrants:  Sept. 14, 2027

Original exercise price of warrants:  40 cents

New exercise price of warrants:  17 cents

A total of 732,417 warrants are held, directly or indirectly, by certain former and current directors and officers of the company. The aggregate number of related party warrants that will be subject to the new exercise price will be limited to 10 per cent of the total number of repriced warrants done on a pro-rata basis amongst the holders of the related party warrants.

These warrants were issued pursuant to a private placement of 2,740,899 shares with 2,740,899 share purchase warrants attached, which was accepted for filing by the exchange effective Dec. 8, 2022.