The TSX Venture Exchange has accepted for filing the loan agreements between the company and four lenders, of which three lenders are arm's length from the company and one lender is a non-arm's-length party to the company. Pursuant to the agreements, the lenders will lend to the company an aggregate amount of $300,000 bearing an interest rate of 14 per cent per annum and the loans will mature six months from the date they are issued. If the company repays the loan prior to the maturity date, it will pay to the lenders a minimum of six months of interest.

As an incentive for the loan, the company has paid to the lenders an aggregate of three million bonus share purchase warrants. Each bonus warrant will entitle the holder to purchase one common share of the company at an exercise price of 10 cents per share until the date that is 12 months following the date that the company issues the bonus warrants to the lenders. The bonus warrants will be subject to an acceleration provision that allows the company to accelerate the expiry of the bonus warrants should the shares trade on the exchange at or above 20 cents for any 10 consecutive trading days.

For further information, please refer to the company's news releases dated March 6, 2024, and March 28, 2024.