PART 3: USE OF AVAILABLE FUNDS

What will our available funds be upon the closing of the Offering?

As at April 26, 2024, the Issuer has an existing working capital of $10,960,000 (US$8,000,000), with

$13,152,000 (US$9,600,000) cash on hand.

In addition to this Offering, the Issuer has commenced a concurrent non-brokered private placement

pursuant to which the Issuer expects to raise up to an additional $10,000,000 (US$7,300,000) (the

“Concurrent Private Placement”). The Concurrent Private Placement is being conducted in each of the

provinces of Canada in reliance on applicable exemptions from the prospectus requirement under applicable

Canadian securities laws. The Company expects that certain identified Canadian-based institutional

investors will subscribe for the entire Concurrent Private Placement, which is expected to close on or about

May 10, 2024. There are no finders’ fees or commissions associated with these Offerings.

Net of closing costs, the Issuer estimates that it will have up to $30,880,000 (US$22,540,000) of available

funds,