On May 10, 2024, the company issued 107,683,090 units at a purchase price of CAD 0.1 per share for the gross proceeds of CAD 10,768,309 to certain institutional investors, other investors and insiders of the company of units in its first tranche. Each unit consists of one common share and one common share purchase warrant. Each warrant is exercisable immediately and entitles the holder thereof to purchase either one common share and if the share ownership threshold would be exceeded by a subscriber as a result of the exercise of their warrants, one pre financed warrant, at an exercise price of CAD 0.11 per common share or pre financed warrant until May 10, 2029.

The expiry date of the warrant can be accelerated by the company at any time prior to the expiry date of the warrants if the closing price of the common shares on the TSX Venture Exchange is greater than CAD 0.33 for any period of 10 consecutive trading days and certain volume trading thresholds are met during those 10 consecutive trading days. Each pre financed warrant entitles the holder to purchase one common share for a nominal amount subject to compliance with the share ownership thresholds. The pre financed warrants do not expire.

The company may complete subsequent tranches of the private placement to bring the total aggregate gross proceeds up to CAD 24,000,000. The company has received $6,551,350 (CAD 8,934,403.5625) from 13 investors pursuant to Regulation D.