Targeted Microwave Solutions Inc. announced that it will issue 40,000,000 units at a price of CAD 0.025 per unit for gross proceeds of CAD 1,000,000 on January 13, 2022. The transaction will include participation from existing shareholders and other investors. Each unit consists of one common share and one share purchase warrant.

Each warrant will entitle the holder thereof to acquire one common share at an exercise price of CAD 0.05 for a period of twelve months from the closing date. All securities issued in the transaction will be subject to a hold period of 4 months from the date of closing and is subject to regulatory approval.