The TSX Venture Exchange has accepted for filing documentation with respect to a brokered private placement announced June 1, 2023.

Convertible debenture:  7,300 units for an aggregate of $7.3-million in outstanding principal amount of unsecured convertible debentures (Each unit consisted of a $1,000 convertible debenture (convertible into 2,703 common shares) and 2,703 detachable warrants.)

Conversion price:  convertible into 19,731,900 common shares at 37 cents per share

Maturity date:  June 30, 2025

Interest rate:  12 per cent per annum, paid semi-annually in arrears

Change of control provision:  Within 30 days from the occurrence of a change of control, the company is obligated to offer to the holder the redemption of the convertible debentures at a price equal to 101 per cent of the principal amount thereof plus any accrued and unpaid interest up to, but excluding, the change of control purchase date.

Forced redemption provision:  At the option of the company, at any time on and after June 30, 2024, the convertible debentures will be redeemable at a price equal to 106 per cent of the principal amount thereof plus any accrued and unpaid interest up to the date of redemption. The company shall provide not more than 60 days and not less than 30 days of prior notice of redemption.

Detachable warrants:  19,731,900 share purchase warrants to purchase 19,731,900 shares

Detachable warrant price:  40 cents, exercisable for a period of three years

Number of placees:  22 placees

Total existing insider involvement:  413 units (seven placees)

Finder's fee:  $374,580

The company issued a news release on June 12, 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.