UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
−Removed: On February 28, 2025, the Company closed a private placement of an aggregate of 1.0 million common shares to certain directors and officers of the Company at a price of C$ 0.80 per share for gross proceeds of approximately $ 0.6 million.
+Added: On June 17, 2025, the Company closed a private placement with a single investor (the “Investor”) of 3,000,000 units of the Company (the “Units”), with each Unit consisting of one common share of the Company and one-half of one common share purchase warrant (the “Warrants”) of the Company at a price of $0.50 per Unit for aggregate gross proceeds of $1.5 million (the “Private Placement”).
+Added: Each Warrant is exercisable by the holder thereof to acquire one common share of the Company at an exercise price of $0.70 per share, was immediately exercisable and expires on the 30 month anniversary of the date of issuance.
+Added: In connection with the Private Placement, the Company and the Investor entered into a subscription agreement setting out the detailed terms of the Private Placement
+Added: The Private Placement was exempt from registration under Section 4(a)(2) and Rule 506(b) of Regulation D under the Securities Act of 1933, as amended based upon representations and warranties of the Investor in connection therewith.
+Added: The Company intends to use the net proceeds from the Private Placement for general working capital and corporate purposes.
DEFAULTS UPON SENIOR SECURITIES
2 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.