Item 2. Unregistered Sales of Equity Securities
ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds, Issuer Purchases of Equity Securities.
On January 29, 2025, we issued 250,000 nonqualified share options to a third-party, valued at approximately $0.2 million, as payment for consulting services over a one-year period. The options vest over a one-year period, have an exercise price of $0.83 per share expire on January 29, 2028. To the extent the options are exercised in the future, we will receive up to $0.2 million in proceeds which will be used to fund our operations. The shares underlying the options were registered resale on a registration statement that was declared effective on April 24, 2025 (File No. 333-286486).
In addition, on January 29, 2025, we issued 100,000 performance-based RSUs, valued at approximately $0.1 million, to a third-party as incentive compensation under a consulting agreement.
ITEM 3. Defaults Upon Senior Securities.
None.
ITEM 4. Mine Safety Disclosures.
Not applicable.
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