공시 • Jun 08
Cloud DX Inc. Announces Board Resignations Cloud DX Inc. announced that Brad Miller and Konstantin Othmer, have resigned from the Board of Directors of the company. The remaining 5 directors of the company remain in place. Reported Earnings • Jun 04
First quarter 2024 earnings released: CA$0.024 loss per share (vs CA$0.036 loss in 1Q 2023) First quarter 2024 results: CA$0.024 loss per share (improved from CA$0.036 loss in 1Q 2023). Revenue: CA$702.6k (up 24% from 1Q 2023). Net loss: CA$2.22m (loss narrowed 18% from 1Q 2023). Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has fallen by 35% per year, which means it is significantly lagging earnings. 공시 • May 29
Cloud DX Inc. to Report Q1, 2024 Results on May 30, 2024 Cloud DX Inc. announced that they will report Q1, 2024 results After-Market on May 30, 2024 Reported Earnings • May 01
Full year 2023 earnings released: CA$0.11 loss per share (vs CA$0.15 loss in FY 2022) Full year 2023 results: CA$0.11 loss per share (improved from CA$0.15 loss in FY 2022). Revenue: CA$1.81m (up 55% from FY 2022). Net loss: CA$10.3m (loss narrowed 2.6% from FY 2022). Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has fallen by 32% per year, which means it is significantly lagging earnings. 공시 • Apr 23
Cloud DX Inc. to Report Fiscal Year 2023 Results on Apr 29, 2024 Cloud DX Inc. announced that they will report fiscal year 2023 results at 4:00 PM, US Eastern Standard Time on Apr 29, 2024 공시 • Apr 09
Cloud DX Inc. announced that it expects to receive $2.8 million in funding Cloud DX Inc. announced a non-brokered private placement to issue 23,333,334 units at an issue price of $0.12 per unit for the gross proceeds of $2,800,000.08 on April 8, 2024. Each Unit shall consist of one common share and one transferable share purchase warrant, with each Warrant entitling the holder thereof to acquire one additional Common Share at a price of $0.18 per share until 36 months following closing. Finder’s fees may be payable in accordance with the policies of the TSX Venture Exchange (the “Exchange”). The Private Placement remains subject to approval of the Exchange. All securities issued in connection with the Private Placement will be subject to a statutory hold period expiring four months and one day from issuance in accordance with applicable securities legislation. Insiders may participate in the Private Placement. The extent of insider participation, if any, has not yet been determined. The Company reserves the right to oversubscribe the Private Placement by up to $500,000, pursuant to which the Company may sell an additional 4,166,667 Units, should there be significant additional demand. Recent Insider Transactions • Apr 01
Independent Director recently bought CA$83k worth of stock On the 28th of March, Gaurav Puri bought around 713k shares on-market at roughly CA$0.12 per share. This transaction amounted to 6.0% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought CA$226k more in shares than they have sold in the last 12 months. 공시 • Feb 10
Cloud DX Announces Board Changes Cloud DX announced the appointment of Mr. Konstantin Othmer to the board. Konstantin is an entrepreneur and investor who began his career as an engineer with Apple where he worked on the Apple II and was later responsible for the Macintosh graphics system. Konstantin has started and operated companies in industries as diverse as online gaming (Catapult Entertainment), enterprise software (ePeople), mobile communications (Core Mobility, Carrier IQ), crowdsourcing (Speechpad), automotive technology (CloudCar) and most recently healthy, sustainable drinks (H2Yo.co). As an angel investor, he has invested in more than 40 startups including Canva, Cepheid, Immersion, Life360, Ring, and Tesla. Independent Director Mr. Neil Fraser leaves the Cloud DX Board of Directors in order to serve on the Board of a Provincial Health Authority, which precludes his service on the boards of vendors to that Authority. Mr. Othmer's appointment is subject to approval by the Toronto Venture Exchange. 공시 • Dec 30
Cloud DX Inc. announced that it has received CAD 1.942 million in funding On December 29, 20223 First Helium Inc. closed the transaction. The company amended the terms of the transaction. The company has issued 1,942 convertible debenture units of the company at issue price CAD 1,000 for aggregate gross proceeds of CAD 1,942,000. Constantine Zachos, a director of the Corporation, subscribed for 67 Debenture Units in the Offering, for total gross proceeds of CAD 67,000. In connection with the Offering, the Company paid a cash commission of CAD 89,360 and issued 893,600 finder's warrants, with each finder's warrant exercisable to acquire one common share at a price of CAD 0.15 per common share for a period of three years from the date of issuance thereof. 공시 • Dec 08
Cloud DX Inc. announced that it expects to receive CAD 2.5 million in funding Cloud DX Inc. announced a non-brokered private placement offering of senior secured convertible debenture units for gross proceeds of CAD 2,500,000 on December 7, 2023. Each unit will consist of one CAD 1,000 18% secured convertible debenture and (ii) 10,000 common share purchase warrants. The Series2Debentures will mature and be repayable on the date that is thirty-six (36) months from the date of issuance. At any time prior to the Series2 Maturity Date, the holder will be entitled to convert each Series2Debenture into Common Shares at a price of CAD 0.10 per Common Share. Each Series2Warrant is exercisable to acquire an additional Common Share at a price of CAD 0.15 per Common Share for a period of three years from the closing of the Series2Financing, subject to acceleration pursuant to the Acceleration Right. The debentures will bear interest at a rate of 18% per annum. The company will pay a commission of 8% cash on the gross proceeds raised from subscribers introduced to the Company by finders, and will issue up to such number of finder's warrants (each a "Finder's Warrant") as is equal to 8% of the number of Common Shares issuable upon conversion of the Convertible Debentures purchased by subscribers introduced to the Company by such finders. Each Finder's Warrant will entitle the holder thereof to acquire one Common Share at a price of CAD 0.15 per Common Share for a period of three (3) years from the closing date. Closing of the Series2Financing is expected to occur in one or more tranches, with the first tranche expected to close on or about the week of December 11th, 2023. The Series2DebentureUnits and any securities issuable upon conversion thereof are subject to a statutory hold period of four months and one day from the date of issuance of the Series2 Debenture Units. The series2Financing remains subject to final approval by the TSXV. The Company expects Dr. Constantine Zachos, a director of the Company, to subscribe for 67 Series2DebentureUnits, for total gross proceeds of CAD 67,000 in the Series2Financing.Gaurav Puri, a director of the Company will receive 661 Debenture Units, and Constantine Zachos (together with Brad Miller and Gaurav Puri will receive 485 Debenture Units. Reported Earnings • Nov 28
Third quarter 2023 earnings released: CA$0.021 loss per share (vs CA$0.034 loss in 3Q 2022) Third quarter 2023 results: CA$0.021 loss per share (improved from CA$0.034 loss in 3Q 2022). Revenue: CA$475.2k (down 3.5% from 3Q 2022). Net loss: CA$1.97m (loss narrowed 20% from 3Q 2022). 공시 • Nov 22
Cloud DX Inc. to Report Q3, 2023 Results on Nov 27, 2023 Cloud DX Inc. announced that they will report Q3, 2023 results at 4:00 PM, US Eastern Standard Time on Nov 27, 2023 Reported Earnings • Aug 31
Second quarter 2023 earnings released: CA$0.028 loss per share (vs CA$0.032 loss in 2Q 2022) Second quarter 2023 results: CA$0.028 loss per share. Revenue: CA$378.4k (up 56% from 2Q 2022). Net loss: CA$2.30m (flat on 2Q 2022). 공시 • Aug 24
Cloud DX Inc. to Report Q2, 2023 Results on Aug 29, 2023 Cloud DX Inc. announced that they will report Q2, 2023 results After-Market on Aug 29, 2023 공시 • Aug 16
Cloud DX Inc., Annual General Meeting, Oct 05, 2023 Cloud DX Inc., Annual General Meeting, Oct 05, 2023. 공시 • Jul 12
Cloud DX Inc. announced that it expects to receive $4 million in funding from B&M Miller Equity Holdings Inc. Cloud DX Inc. announced a non-brokered private placement of up to 4,000 secured convertible debentures of the company at a price of $1,000 per convertible debenture for aggregate gross proceeds of up to 4,000,000 on July 11, 2023. The transaction will include participation from new investor B&M Miller Equity Holdings Inc. for 364 Debentures, Gaurav Puri for 691 Debentures and Constantine Zachos for 446 Debentures for aggregate gross proceeds of $1,501,000. The debentures will mature on the date that is 36 months from the date of issuance thereof and shall bear interest at a rate of 18%per annum, payable upon the earlier of the conversion date or the Maturity Date. Subject to the approval of the TSX Venture Exchange, accrued and unpaid interest shall be payable in the form of common shares at a price per Common Share equal to the closing price of the listed Common Shares on the TSXV on the last trading day immediately prior to the Maturity Date or the conversion date, as applicable or cash, at the sole discretion of the Company. The principal amount of the Convertible Debentures will be convertible into units of the Company, at the election of the holder of the Convertible Debentures, at any time prior to the Maturity Date, at a conversion price of CAD 0.10. Each Unit shall be comprised of one Common Share and one common share purchase warrant. Each Warrant will entitle the holder thereof to purchase one additional Common Share at a price of $0.15 per Common Share for a period of 36 months following the closing date of the Offering. The Company may pay a finder's fee in cash or securities or a combination of both. Closing of the Offering is expected to occur in one or more tranches, with the first tranche expected to close on or about July 18, 2023. The Convertible Debentures and any securities issuable upon conversion thereof will be subject to a statutory hold period of four months and one day from the date of issuance of the Convertible Debentures. 공시 • Jun 21
Cloud DX Inc. announced that it has received CAD 2.854283 million in funding On June 20, 2023, Cloud DX Inc. closed the transaction. The company issued 1,802,855 units for aggregate gross proceeds of CAD 252,400 in its second and last tranche, aggregate gross proceeds under the transaction were CAD 2,854,284. The company paid finders' fees of 8% in cash and 8% in broker warrants on a portion of the final tranche of the transaction to certain finders, in accordance with the policies of the TSX Venture Exchange. The company issued a total of 32,000 broker warrants and paid cash commissions of CAD 4,480 in connection with the final closing of the transaction such broker warrants being convertible into common shares. New Risk • Jun 16
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Canadian stocks, typically moving 18% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-CA$6.5m free cash flow). Share price has been highly volatile over the past 3 months (18% average weekly change). Negative equity (-CA$12m). Earnings have declined by 17% per year over the past 5 years. Market cap is less than US$10m (CA$11.3m market cap, or US$8.57m). Minor Risks Shareholders have been diluted in the past year (26% increase in shares outstanding). Revenue is less than US$5m (CA$1.4m revenue, or US$1.1m). 공시 • May 25
Cloud DX Inc. to Report Q1, 2023 Results on May 29, 2023 Cloud DX Inc. announced that they will report Q1, 2023 results at 4:00 PM, US Eastern Standard Time on May 29, 2023 Reported Earnings • May 17
Full year 2022 earnings released: CA$0.15 loss per share (vs CA$0.17 loss in FY 2021) Full year 2022 results: CA$0.15 loss per share (improved from CA$0.17 loss in FY 2021). Revenue: CA$1.17m (up 49% from FY 2021). Net loss: CA$10.6m (loss narrowed 5.7% from FY 2021). 공시 • May 09
Cloud DX Inc. to Report Fiscal Year 2022 Results on May 15, 2023 Cloud DX Inc. announced that they will report fiscal year 2022 results at 4:00 PM, US Eastern Standard Time on May 15, 2023 공시 • Nov 29
Cloud DX Inc. announced that it has received CAD 2.428 million in funding On November 28, 2022, Cloud DX Inc. closed the transaction. The company issued 2,428 secured convertible debentures at an issue price of CAD 1,000 for gross proceeds of CAD 2,428,000. Insiders of the corporation subscribed for CAD 932,000 principal amount of debentures. The debentures will mature on the date that is 18 months from the date of issuance. The company paid finder's fees in the amount of 115,000 non-transferable common share purchase warrants and a cash fee of CAD 18,400. Each broker warrant entitles the holder to acquire one common share at a purchase price of CAD 0.16 for a period of two years from the date of issuance. The transaction remains subject to final approval from the TSX Venture Exchange. Reported Earnings • Nov 17
Third quarter 2022 earnings released: CA$0.034 loss per share (vs CA$0.033 loss in 3Q 2021) Third quarter 2022 results: CA$0.034 loss per share (further deteriorated from CA$0.033 loss in 3Q 2021). Revenue: CA$492.4k (up 295% from 3Q 2021). Net loss: CA$2.46m (loss widened 3.7% from 3Q 2021). 공시 • Nov 16
Cloud DX Inc. Appoints Neil Fraser to the Board as Independent Director Cloud DX Inc. announced the appointment of Neil Fraserto the board as an independent director. Mr. Fraser retired in July 2022 from his role as President of Medtronic Canada, a subsidiary of Medtronic plc, a global leader in healthcare technology. He is currently a board member of Sona Nanotech Inc. and a member of various health-related councils including the CD Howe Institute and the International Working Group on Global Research, Development & Innovation with the BRG Institute. In the past, he has acted as Chair of Medtech Canada, Board Member of Baycrest Health Sciences, Member of both the federal Advisory Panel on Healthcare Innovation (the "Naylor report") and the Ontario Health Innovation Council. Several of Neil's writings on the topic of healthcare innovation in Canada have been published, and he has frequently been invited to share his expertise on value-based procurement and outcomes-based healthcare innovation. In 2022, he was awarded the Distinguished Leader Award by the Canadian College of Health Leaders. Mr. Fraser's appointment is subject to approval by the TSX Venture Exchange. Board Change • Nov 16
High number of new and inexperienced directors There are 5 new directors who have joined the board in the last 3 years. The company's board is composed of: 5 new directors. No experienced directors. 1 highly experienced director. President, CEO & Chairman of the Board Robert Kaul is the most experienced director on the board, commencing their role in 2014. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. 공시 • Nov 10
Cloud DX Inc. announced that it has received CAD 5.2 million in funding from Innovation, Science And Economic Development Canada Cloud DX Inc. announced that it has received CAD 5.2 million from Innovation, Science And Economic Development Canada on November 8, 2022. 공시 • Nov 01
Cloud DX Inc. to Report Q3, 2022 Results on Nov 16, 2022 Cloud DX Inc. announced that they will report Q3, 2022 results at 4:00 PM, US Eastern Standard Time on Nov 16, 2022 Board Change • Nov 01
High number of new and inexperienced directors There are 5 new directors who have joined the board in the last 3 years. The company's board is composed of: 5 new directors. No experienced directors. 1 highly experienced director. President, CEO & Chairman of the Board Robert Kaul is the most experienced director on the board, commencing their role in 2014. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. 공시 • Oct 12
Cloud DX Inc. announced that it expects to receive CAD 1.8 million in funding Cloud DX Inc. announced a non-brokered private placement of up to 1,800 secured convertible debentures at a issue price of CAD 1,000 for aggregate gross proceeds of up to CAD 1,800,000 on October 11, 2022. The debentures will mature on the date that is 18 months from the date of issuance. The principal amount of the debenture is convertible, at the election of the holders, into common shares in the capital of the corporation at a conversion price of CAD 0.16 per common share at any time prior to the Maturity Date. The debentures will be secured against all present and after-acquired personal property of the corporation, pursuant to a general security agreement. The company may pay finder's fees in cash or securities or a combination of both, as permitted by the policies of the TSX Venture Exchanges. The closing of the offering is expected to occur in one or more tranches, with the first tranche expected to close on or about October 31, 2022. The convertible debentures and any securities issuable upon conversion will be subject to a statutory hold period of four months and one day from the date of issuance of the convertible debentures. The offering is subject to final approval by the TSX Venture Exchange. Board Change • Oct 02
High number of new and inexperienced directors There are 5 new directors who have joined the board in the last 3 years. The company's board is composed of: 5 new directors. No experienced directors. 1 highly experienced director. President, CEO & Chairman of the Board Robert Kaul is the most experienced director on the board, commencing their role in 2014. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. 공시 • Sep 02
Cloud DX Inc. Announces Management Changes Cloud DX announced the appointment of Gaurav Puri, M.D., to the board as an independent director, effective September 1, 2022. With over 11 years of emergency medicine experience, Dr. Puri is the current Chief of theDepartment of Emergency Medicine at Southlake Regional Health Centre and a lecturer at the University of Toronto, both in Ontario, Canada. He holds an Honours BSc from York University and earned his Doctor of Medicine from the University of Western Ontario. Upon completing his residency in family medicine at the University of Toronto, he completed his emergency medicine fellowship at McMaster University. Dr. Puri is a medical advisor to Able Innovations and business development advisor to Piiva. Cloud DX Co-founder Dr. Sonny Kohli is transitioning a portion of his clinical work to lead Medical and Regulatory affairs at Roche Canada and support digital health transformation at theglobal pharmaceutical leader. To serve as a senior executive at another public company, Dr. Kohli will step down from Cloud DX's Board of Directors and the Chief Medical Officer position. Hewill continue as Medical Co-Founder at Cloud DX. Dr. Puri's appointment is subject to approval by the Toronto Venture Exchange. Reported Earnings • Aug 28
Second quarter 2022 earnings released: CA$0.032 loss per share (vs CA$0.073 loss in 2Q 2021) Second quarter 2022 results: CA$0.032 loss per share (up from CA$0.073 loss in 2Q 2021). Revenue: CA$242.2k (down 9.7% from 2Q 2021). Net loss: CA$2.29m (loss narrowed 55% from 2Q 2021). 공시 • Aug 24
Cloud DX Inc. to Report Q2, 2022 Results on Aug 29, 2022 Cloud DX Inc. announced that they will report Q2, 2022 results at 4:00 PM, US Eastern Standard Time on Aug 29, 2022 공시 • Jul 07
Cloud DX Inc. announced that it has received $1.95 million in funding On July 6, 2022, Cloud DX Inc. closed the transaction. The company amended the terms of the transaction. The company issued 1,970 secured convertible debentures at a price of CAD 1,000 per Debentures, for gross proceeds of CAD 1,970,000. Insiders of the company subscribed for CAD 1,005,000 principal amount of debentures. The company paid finder’s fees in the amount of 138,333 non-transferable common share purchase warrants and a cash fee of CAD 20,750. Each broker warrant entitles the holder to acquire one common share at a purchase price of CAD 0.15 for a period of two years from the date of issuance. 공시 • Jun 08
Cloud DX Inc. announced that it expects to receive $1.75 million in funding Cloud Dx Inc. announced a non-brokered private placement of 1,750 secured convertible debentures at a price of $1,000 per convertible debenture for aggregate gross proceeds of up to $1,750,000. The Debentures will mature on the date that is 12 months from the date of issuance and shall bear interest at a simple rate of 18% per annum, payable upon the earlier of the conversion date or the Maturity Date. The principal amount of the debenture is convertible, at the election of the holders, into common shares in the capital of the corporation at a conversion price of CAD 0.15($0.119263) per common share at any time prior to the maturity date. The debentures will be secured against all present and after-acquired personal property of the corporation, pursuant to a general security agreement. may pay finder’s fees in cash or securities or a combination of both, as permitted by the policies of the TSX Venture Exchange. Closing of the Offering is expected to occur in one or more tranches, with the first tranche expected to close on or about June 24, 2022. The convertible debentures and any securities issuable upon conversion will be subject to a statutory hold period of four months and one day from the date of issuance of the convertible debentures. The transaction is subject to final approval from the TSX Venture Exchange. Reported Earnings • Jun 01
First quarter 2022 earnings released: CA$0.031 loss per share (vs CA$0.022 loss in 1Q 2021) First quarter 2022 results: CA$0.031 loss per share (down from CA$0.022 loss in 1Q 2021). Revenue: CA$337.3k (up 11% from 1Q 2021). Net loss: CA$2.21m (loss widened 106% from 1Q 2021). Reported Earnings • May 03
Full year 2021 earnings released: CA$0.17 loss per share (vs CA$2.94 loss in FY 2020) Full year 2021 results: CA$0.17 loss per share. Revenue: CA$782.3k (down 29% from FY 2020). Net loss: CA$11.3m (loss widened 104% from FY 2020). Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 4 non-independent directors. Independent Director Bill Charnetski was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. 공시 • Apr 16
Cloud DX Inc. announced that it has received CAD 0.18 million in funding Cloud Dx Inc. announced a non-brokered private placement of 180 units at a price of CAD 1,000 per unit for gross proceeds of CAD 180,000 on April 14, 2022. Each unit consists of a CAD 1,000 principal amount unsecured convertible debenture and 1,430 common share purchase warrants. The debentures will mature on January 27, 2025 and shall bear interest at a simple rate of 10% per annum. The principal amount of the debentures may be converted at the election of the holder thereof into common shares in the capital of the company at a conversion price of CAD 0.35 per common share at any time prior to the maturity date. Each warrant entitles the holder thereof to acquire one common share of the corporation at a price of CAD 0.50 per common share at any time prior to January 27, 2024. The securities are being subject to four months hold period ending August 15, 2022. The offering remains subject to final approval from the TSX Venture Exchange.
As consideration for services rendered in connection with the offering, the company paid to certain registered brokers a cash commission in the amount equal to CAD 14,400 being 8% of the gross proceeds of the offering and issued to certain registered brokers 41,142 non-transferable common share purchase warrants. Each broker warrant entitles the holder thereof to acquire one common share at an exercise price of CAD 0.35 per common share for a period of 24 months from the date of closing. 공시 • Feb 18
Cloud DX Reports High Satisfaction Amongst Post-Surgical Remote Monitoring Patients At Kingston Health Sciences Centre Cloud DX shared findings of a new patient satisfaction study conducted at Kingston Health Science Centre (KHSC) taking a closer, patient-centric look at the Cloud DX Connected HealthTM platform used for remote patient monitoring in a post-surgical setting. Among the 206 patients surveyed at KHSC, 96% strongly indicated they were satisfied with remote patient monitoring and would recommend the program to a friend or family member. 99% of patients participating in the survey expressed willingness to continue monitoring their vitals at home, and 89% said that remote patient monitoring helped them feel more empowered to actively manage their health. Data was gathered at KHSC between February and September 2021. In 2020, KHSC was one of nine Canadian healthcare facilities to participate in a national clinical study of patient outcomes from virtual care and remote automated monitoring (RAM). Half of the 905 post-surgery patients were randomized to use this technology at home for 30 days after leaving the hospital. Queen's Departments of Anesthesiology and Perioperative Medicine, Surgery and Medicine donated funding for the project. KHSC supported the project through staffing nurses and providing the monitoring equipment. Seed funding for the trial was also received through Roche Canada's COVID-19 Innovation Challenge. Several centers in the PVC-RAM-1 study found fewer patients with the take-home technology had to return to the hospital for care. In addition, more patients in the virtual care group compared to the standard care group had a medication error detected (30% versus 6%, respectively) and corrected (28% versus 4%, respectively). Virtual care patients also reported 10 to 14% less pain compared to the standard care group. Results of the national PVC-RAM-1 study were recently published in The BMJ. During the study, KHCS experienced a 5-10% reduction in emergency department visits and a 10% reduction in unplanned hospital re-admissions amongst the 560 surgery patients who were monitored remotely, compared to patients in the past who have not received virtual care. The recent KHSC patient satisfaction survey results echo findings from a similar survey conducted at The Ottawa Hospital where patients also reported a high satisfaction rating with remote patient monitoring. 공시 • Jan 06
Cloud DX Inc. announced that it expects to receive CAD 3 million in funding Cloud DX Inc. announced a a brokered private placement of up to 3,000 convertible debenture units at a price of CAD 1,000 per unit for gross proceeds of up to CAD 3,000,000 on January 4, 2022. Each debenture unit will be comprised of CAD 1,000 principal amount unsecured convertible debenture and 1,250 common share purchase warrants of the company. The debentures will mature on the date that is 36 months from the date of issuance and shall bear fixed interest at a simple rate of 10% per annum, payable quarterly on the last business day of each quarter, commencing on March 31, 2022. The principal amount of the debentures, or any portion thereof, may be converted at the election of the holder thereof into common shares of the company at a conversion price of CAD 0.40 per share at any time prior to the maturity date. Each warrant will entitle the holder thereof to acquire one common share at a price of CAD 0.50 per share for a period of 24 months from the closing date. The company has granted the agent an option to sell up to 450 additional debenture units for maximum gross proceeds of CAD 3,450,000. All securities to be issued in the transaction will be subject to a statutory hold period of four months and one day from the date of issuance. The transaction is subject to final approval by the TSX Venture Exchange. The transaction is expected to close on or about January 18, 2022. 