On January 30, 2024, the company issued 1,510 convertible debentures at a price of CAD 1,000 per debenture for the gross proceeds of CAD 1,510,000 in its first tranche closing. The company paid CAD 67,750 as finder fees and issued 116,667 finder warrants in connection with the first tranche. Each finder warrant entitles the holder to acquire one common share at a price of CAD 0.75 for a period of 24 months from the date of issuance.

The company has also received conditional approval from the TSX-Venture Exchange to increase the maximum offering size from 1,500 debentures to 2,000 debentures, with total potential proceeds of CAD 2,000,000. The company may close a second tranche of the debentures at any time before February 9, 2024 for additional proceeds of up to CAD 490,000.