On May 20, 2026, the company announced that it closed the transaction by closing its second tranche of transaction. The second tranche consists of CAD 300,000 in its principal amount of the Convertible Debenture. In light of continued strong investor participation, the Company also announced its intention to upsize the financing to up to CAD 5,000,000, subject to TSX Venture Exchange approval.
The debenture structure is straightforward. Each debenture bears 5% interest paid semi-annually in cash, matures 36 months from issuance, and is convertible at the holder's option into common shares at a conversion price of CAD 0.30 per share. Investors in the 2nd tranche also received warrants exercisable at CAD 0.40 for 36 months, 499,997 warrants in this tranche and 6,390,324 warrants across the two tranches in total.
The company has Aggregate gross proceeds raised across the financing now total CAD 3,834,200.
