Corporate Update As previously announced on Jun

Corporate Update

As previously announced on June 30, 2022, the Company will be restating its annual audited comparative financial statements for the fiscal year ending March 31, 2021. Due to the additional time needed to complete the restatement and to implement additional internal control procedures as a result of the restatement process, the Company today announces that it expects to be delayed in filing its annual audited financial statements for the fiscal year ending March 31, 2022 (“2022 Annual Financial Statements”) by the required filing deadline of July 29, 2022.

Accordingly, the Company has requested, and has applied for, the issuance of a management cease trade order (“MCTO”) under the provisions of National Policy 12-203 – Management Cease Trade Orders (“NP 12-203”) so as to permit the continued trading in the Company’s common shares other than by the Company’s chief executive officer, chief financial officer and any other persons or companies at the discretion of the securities regulators should the Company miss the required filing deadline. Although the MCTO application has been made, there is no guarantee or assurance that the MCTO will be granted.

The Company is working diligently with its auditors to complete the 2022 Annual Financial Statements and, at this time, expects to have the 2022 Annual Financial Statements, the related management’s discussion and analysis and officer certifications filed within 30 days following the required filing deadline, and in any event, no later than September 27, 2022.

The Company also confirms that it intends to satisfy the provisions of NP 12-203 and issue bi-weekly default status reports for so long as the Company remains in default of the 2022 Annual Financial Statement filing requirement. The Company is not subject to any insolvency proceedings nor is there any other material information concerning the affairs of the Company that has not been generally disclosed.

Robert