Further to the TSX Venture Exchange bulletin dated June 29, 2021, the exchange has accepted for filing a replacement debenture as announced on Feb. 24, 2025. The first amendment to the debenture was dated Aug. 31, 2023; the second amendment to the debenture was dated Jan. 30, 2024; and the current replacement was announced on Feb. 24, 2025.

Financing type:  non-brokered private placement

Offering:  $5.7-million principal amount of convertible debenture, convertible into 3,166,667 listed shares

Conversion price:  $1.80 per listed share

Original maturity date:  June 21, 2024

First amendment maturity date:  Jan. 31, 2025

Second amendment maturity date:  Sept. 30, 2025

Replacement maturity date:  March 31, 2028

Original interest rate:  4 per cent per annum

First amendment interest rate:  9.25 per cent per annum

Second amendment interest rate:  9.25 per cent per annum until Jan. 31, 2025, and then 10.75 per cent per annum thereafter

Replacement interest rate:  10.75 per cent per annum

The debenture replaced the $5.7-million convertible debenture, which was issued pursuant to a non-brokered private placement, which was originally announced on June 23, 2021, and accepted for filing by the exchange effective June 29, 2021.

For further information, please refer to the company's news releases dated June 23, 2021, Feb. 24, 2025, and April 28, 2025, and the company's management discussion and analysis filed on SEDAR+, dated Dec. 7, 2023, April 29, 2024, and April 25, 2025.