On February 24, 2023,The company has received CAD 1,000,000 in the first tranche. The securities issued in connection with the private placement are subject to a hold period that expires on June 25, 2023. The transaction included participation from a director acquired a debenture in the principal amount of CAD 500,000 pursuant to the transaction.

Prior to the offering, Matheson held 5,972,049 common shares, or approximately 15.01% of the total issued and outstanding common shares, 450,000 common share purchase warrants and 175,000 stock options. Matheson now controls 5,972,049 common shares, 450,000 common share purchase warrants, 175,000 stock options and a debenture in the principal amount of CAD 500,000. Assuming the exercise of the warrants and stock options and conversion of the Debenture, Matheson would control a total of 10,763,715 common shares, or approximately 24.14% of the issued and outstanding common shares.