The TSX Venture Exchange has accepted for filing the company's proposal to enter into the loan agreement dated March 5, 2024, with two arm's-length parties. Pursuant to the agreement, the lenders will lend the company an aggregate principal amount of $2-million through an unsecured loan, bearing a simple interest of 12 per cent per annum, which will mature 12 months from the date of the loan. The company may repay the loan prior to maturity with no penalty. In consideration for the loan, the company will issue the lenders an aggregate of 800,000 common share purchase warrants of the company. Each warrant will entitle the holder thereof to purchase one common share in the capital of the company at an exercise price of $1.15 per share for a period of 12 months from the date of issuance.

For more information, please refer to the news release dated April 18, 2024.