The TSX Venture Exchange has accepted for filing the company's proposal to issue five million bonus warrants to an arm's-length party, in consideration of a loan in the amount of $1-million (U.S.) and bearing interest at a rate of 20 per cent per annum. The maturity date is the earliest of: the date on which the lender demands repayment after the occurrence of an event of default, the implementation of a court-approved plan of arrangement and compromise within the CCAA (Companies' Creditors Arrangement Act) proceedings, the termination of the CCAA proceedings, and Nov. 30, 2024. Each bonus warrant entitles the holder to acquire one common share at an exercise price of 10 cents for a one-year period.

For further information, refer to the company's news release dated Aug. 2, 2024.