The TSX Venture Exchange has accepted the company's warrant incentive program designed to encourage the exercise of 46,363,630 existing warrants of the company. Each warrant entitled the holder to acquire one common share at a price of 30 cents per share at any time prior to March 16, 2026.

Pursuant to the warrant incentive program, each of the holders of warrants that exercised warrants during an early exercise period received an additional one-third of one incentive warrant. Each one incentive warrant entitles the holder to purchase one common share at a price of 40 cents per share for a period of two years.

The early exercise period commenced on Nov. 17, 2023, and expired on Dec. 8, 2023.

In connection with the warrant incentive program, a total of 17,599,544 warrants were exercised, providing gross proceeds of $5,279,863.20 to the company and resulting in the company issuing 17,599,544 common shares and 5,866,504 incentive warrants as follows.

Number of shares issued upon exercise of existing warrants:  17,599,544 common shares

Purchase price (exercise price of the existing warrants):  30 cents per common share

Incentive warrants:  5,866,504 share purchase warrants to purchase 5,866,504 shares

Incentive warrant exercise price:  40 cents per share, for a two-year period

Number of placees:  39 placees

Total existing insider involvement:  111,818 (two insiders)

Total pro group involvement:  1,037,272 (seven pro groups)

All warrants that were not exercised under the warrant incentive program continued to entitle the holder to acquire one common share at the exercise price of 30 cents per common share until March 16, 2026. For further details, please refer to the company's news releases dated on Nov. 21, 2023, Dec. 11, 2023, and Dec. 18, 2023.