The TSX Venture Exchange has accepted for filing documentation with respect to an amendment to an existing loan to a non-brokered private placement, announced Feb. 15, 2023.

Convertible debenture:  financed amount of $475,000 (all from an existing loan and no new funds are being raised)

Conversion price:  convertible into units consisting of up to 1,144,578 common shares and up to 1,144,578 common share purchase warrants at 41.5 cents of financed amount outstanding at any time prior to maturity

Maturity date:  Aug. 5, 2023

Warrants:  Each warrant will have a term of two years from the date of issuance of the notes and entitle the holder to purchase one common share. The warrants are exercisable at the price of 70 cents in both years 1 and 2.

Interest rate:  10 per cent per annum (The debentures were issued at an original issue discount of 5 per cent and, along with interest, can be converted into shares at the greater of: (i) the market price or higher at the time of settlement; and (ii) the conversion price of 41.5 cents. Anything else will be subject to exchange approval.

Number of placees:  one placee

The company issued a news release on Feb. 15, 2023, 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.