Friday, January 3, 2025 5:30 PM PST") is pleased to announce that it has completed the first tranche of its previously announced non-brokered private placement by issuing 5,183,333 units at C$0.075 per unit for gross proceeds to the Company of C$388,749.98. Each Unit consists of one common share . Each Warrant entitles the holder thereof to purchase one common share of the Company at a price of C$0.
Insiders of the Company acquired an aggregate of 2,000,000 units in the Offering for a total of C$150,000, which participation constituted a"related party transaction" as defined under Multilateral Instrument 61-"). Such participation is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as the fair market value of the securities acquired by the insiders was less than 25% of the Company's market capitalization.
The securities issued pursuant to the Offering have not, nor will they be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons in the absence of U.S. registration or an applicable exemption from the U.S. registration requirements.
Readers should refer to the risks discussed in the Company's Annual Information Form and Management's Discussion & Analysis for the year ended December 31, 2023, and subsequent continuous disclosure filings with the Canadian Securities Administrators available at www.sedarplus.ca.
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