# EDGAR Filing Document

**Accession Number:** 0001778129
**File Stem:** 0001193125-25-289835
**Filing Date:** 2025-11
**Character Count:** 23393
**Document Hash:** b379ed0ebf6310a82b01cfda2b1be127
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-289835.hdr.sgml**: 20251120

**ACCESSION NUMBER**: 0001193125-25-289835

**CONFORMED SUBMISSION TYPE**: S-8

**PUBLIC DOCUMENT COUNT**: 16

**FILED AS OF DATE**: 20251120

**DATE AS OF CHANGE**: 20251120

**EFFECTIVENESS DATE**: 20251120

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** TerrAscend Corp.
- **CENTRAL INDEX KEY:** 0001778129
- **STANDARD INDUSTRIAL CLASSIFICATION:** AGRICULTURE PRODUCTION - CROPS [0100]
- **ORGANIZATION NAME:** 08 Industrial Applications and Services
- **EIN:** 000000000
- **STATE OF INCORPORATION:** A6
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** S-8
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-291672
- **FILM NUMBER:** 251503368

**BUSINESS ADDRESS:**
- **STREET 1:** 3610 MAVIS ROAD
- **CITY:** MISSISSAUGA
- **STATE:** A6
- **ZIP:** L5B 4A7
- **BUSINESS PHONE:** 855 837-7295

**MAIL ADDRESS:**
- **STREET 1:** 3610 MAVIS ROAD
- **CITY:** MISSISSAUGA
- **STATE:** A6
- **ZIP:** L5B 4A7

**As filed with the U.S. Securities and Exchange Commission on November 20, 2025** 

**Registration No. 333-** 

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

**FORM S-8** 

**REGISTRATION STATEMENT** 

***UNDER***

***THE SECURITIES ACT OF 1933***

## TerrAscend Corp.
**(Exact name of Registrant as specified in its charter)** 

---

| | |
|:---|:---|
| **Ontario**<br> **(State or other jurisdiction of**<br> **Incorporation or organization)** | **Not applicable**<br> **(I.R.S. Employer**<br> **Identification No.)** |

---

**77 City Centre Drive** 

**Suite 501 - East Tower** 

**Mississauga, Ontario, L5B 1M5, Canada** 

**(844) 628-3100** 

**(Address of principal executive offices) (Zip code)** 

**TerrAscend Corp. Amended and Restated Stock Option Plan** 

**TerrAscend Corp. Amended and Restated Share Unit Plan** 

**(Full titles of the plans)** 

**Ziad Ghanem** 

**Chief Executive Officer** 

**TerrAscend Corp.** 

**77 City Centre Drive** 

**Suite 501 - East Tower** 

**Mississauga, Ontario, L5B 1M5, Canada** 

**(844) 628-3100** 

**(Name and address of agent for service) (Telephone number, including area code, of agent for service)** 

**Copies to:** 

---

| | | |
|:---|:---|:---|
| **Ryan M. Rourke Reed**<br> **Foley Hoag LLP**<br> **Seaport West**<br> **155 Seaport Boulevard**<br> **Boston, Massachusetts 02110-2600**<br> **(617) 832-1000** | **Lynn Gefen**<br> **Chief People and Legal Officer**<br> **TerrAscend Corp.**<br> **77 City Centre Drive**<br> **Suite 501 - East Tower**<br> **Mississauga, Ontario, L5B 1M5, Canada**<br> **(844) 628-3100** | **Jonathan Sherman**<br> **Cassels Brock & Blackwell LLP**<br> **Suite 3200, Bay Adelaide Centre - North Tower,**<br> **40 Temperance St.**<br> **Toronto, Ontario, M5H 0B4**<br> **Canada**<br> **(416) 869-5300** |

---

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

---

| | | | |
|:---|:---|:---|:---|
| Large accelerated filer | ☐ | Accelerated filer | ☒ |
| Non-accelerated filer | ☐ | Smaller reporting company | ☐ |
|  |  | Emerging growth company | ☒ |

---

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☐

------

**PART I** 

**INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS** 

The information specified in Item 1 and Item 2 of Part I of Form S-8 is omitted from this Registration Statement on Form S-8 (the "Registration Statement") in accordance with the provisions of Rule 428 under the Securities Act of 1933, as amended (the "Securities Act"), and the introductory note to Part I of Form S-8. The documents containing the information specified in Part I of Form S-8 will be delivered to the participants in the TerrAscend Corp. Amended and Restated Stock Option Plan and the TerrAscend Corp. Amended and Restated Share Unit Plan covered by this Registration Statement as specified by Rule 428(b)(1) under the Securities Act. Such documents are not required to be, and are not, filed with the Securities and Exchange Commission (the "Commission") either as part of this Registration Statement or as a prospectus or prospectus supplement pursuant to Rule 424 under the Securities Act**.**

This Registration Statement is submitted in accordance with General Instruction E to Form S-8 regarding registration of additional securities, and pursuant to that instruction, the contents of the Registration Statement on Form S-8 (File No. 262566) filed with the Securities and Exchange Commission on February 7, 2022 are incorporated herein by reference.

**PART II** 

**INFORMATION REQUIRED IN THE REGISTRATION STATEMENT** 

---

| | |
|:---|:---|
| **ITEM 8.** | **EXHIBITS**  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Exhibit<br>Number** | **Description** | **Schedule**<br> **Form** | **File Number** | **Exhibit** | **Filing Date** |
| 4.1 | [Articles of TerrAscend Corp., dated March 7, 2017.](http://www.sec.gov/Archives/edgar/data/1778129/000110465921132465/tm2129883d1_ex3-1.htm) | 10-12G | 000-56363 | 3.1 | November 2, 2021 |
| 4.2 | [Articles of Amendment to the Articles of TerrAscend Corp., dated November 30, 2018.](http://www.sec.gov/Archives/edgar/data/1778129/000110465921152682/tm2129883d2_ex3-2.htm) | 10-12G/A | 000-56363 | 3.2 | December 22, 2021 |
| 4.3 | [Articles of Amendment to the Articles of TerrAscend Corp., dated May 22, 2020.](http://www.sec.gov/Archives/edgar/data/1778129/000110465921152682/tm2129883d2_ex3-3.htm) | 10-12G/A | 000-56363 | 3.3 | December 22, 2021 |
| 4.4 | [By-laws of TerrAscend Corp., dated March 7, 2017.](http://www.sec.gov/Archives/edgar/data/1778129/000110465921132465/tm2129883d1_ex3-3.htm) | 10-12G | 000-56363 | 3.3 | November 2, 2021 |
| 4.5 | [Form of Common Share Certificate of the Registrant.](http://www.sec.gov/Archives/edgar/data/1778129/000119312524087310/d741313dex41.htm) | S-3 | 333-278510 | 4.1 | April 4, 2024 |
| 5.1\* | [Opinion of Cassels Brock & Blackwell LLP](d37804dex51.htm) |  |  |  |  |
| 23.1\* | [Consent of Cassels Brock & Blackwell LLP (included in Exhibit 5.1).](d37804dex51.htm) |  |  |  |  |
| 23.2\* | [Consent of MNP LLP, independent registered public accounting firm.](d37804dex232.htm) |  |  |  |  |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Exhibit<br>Number** | **Description** | **Schedule**<br> **Form** | **File Number** | **Exhibit** | **Filing Date** |
| 24.1\* | [Power of Attorney (included on signature page).](#sig) |  |  |  |  |
| 99.1 | [TerrAscend Corp. Amended and Restated Stock Option Plan.](http://www.sec.gov/Archives/edgar/data/0001778129/000095017025034600/tsndf-ex10_34.htm) | 10-K | 000-56363 | 10.34 | March 6, 2025 |
| 99.2 | [Form of Option Agreement.](http://www.sec.gov/Archives/edgar/data/0001778129/000095017025034600/tsndf-ex10_35.htm) | 10-K | 000-56363 | 10.35 | March 6, 2025 |
| 99.3 | [TerrAscend Corp. Amended and Restated Share Unit Plan.](http://www.sec.gov/Archives/edgar/data/0001778129/000095017025034600/tsndf-ex10_36.htm) | 10-K | 000-56363 | 10.36 | March 6, 2025 |
| 99.4 | [Form of Share Unit Agreement.](http://www.sec.gov/Archives/edgar/data/0001778129/000095017025034600/tsndf-ex10_37.htm) | 10-K | 000-56363 | 10.37 | March 6, 2025 |
| 107\* | [Filing Fee Table](d37804dexfilingfees.htm) |  |  |  |  |

---

\* Filed herewith

------

**SIGNATURES** 

Pursuant to the requirements of the Securities Act of 1933, as amended, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Mississauga, Province of Ontario, Canada, on November 20, 2025.

---

| | |
|:---|:---|
| **TERRASCEND CORP.** | **TERRASCEND CORP.** |
| By: | /s/ Ziad Ghanem |
| Name: | Ziad Ghanem |
| Title: | President and Chief Executive Officer |

---

**POWER OF ATTORNEY** 

KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below constitutes and appoints Ziad Ghanem and Lynn Gefen, and each one of them, as his or her true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for him or her and in their name, place, and stead, in any and all capacities, to sign any and all amendments (including post-effective amendments) to this registration statement, and to file the same, with all exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and thing requisite and necessary to be done in connection therewith, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents or any of them, or his or her substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities Act of 1933, as amended, this registration statement has been signed by the following persons in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| **Signature** | **Title** | **Date** |
| /s/ Ziad Ghanem<br> Ziad Ghanem | President and Chief Executive Officer<br> *(Principal Executive, Financial and Accounting Officer)* | November 20, 2025 |
| /s/ Jason Wild<br> Jason Wild | Director | November 20, 2025 |
| /s/ Ira Duarte<br> Ira Duarte | Director | November 20, 2025 |
| /s/ Craig Collard<br> Craig Collard | Director | November 20, 2025 |
| /s/ Ed Schutter<br> Ed Schutter | Director | November 20, 2025 |
| /s/ Kara DioGuardi<br> Kara DioGuardi | Director | November 20, 2025 |

---

------

**SIGNATURE OF AUTHORIZED U.S. REPRESENTATIVE OF THE REGISTRANT** 

Pursuant to the Securities Act, the undersigned, the duly authorized representative in the United States of TerrAscend Corp. has signed this Registration Statement on November 20, 2025.

---

| | |
|:---|:---|
| **TERRASCEND USA, INC.** | **TERRASCEND USA, INC.** |
| By: | /s/ Ziad Ghanem |
| Name: | Ziad Ghanem |
| Title: | President and Chief Executive Officer |

---

## Exhibit 5.1

**Exhibit 5.1**![LOGO](g37804dsp1.jpg)

November 20, 2025

TerrAscend Corp.

77 City Centre Drive, Suite 501

East Tower

Mississauga, Ontario

L5B 1M5 Canada

Dear Sirs/Mesdames:

---

| | |
|:---|:---|
| **Re:** | **Registration Statement on Form S-8**  |

---

We have acted as Canadian counsel to TerrAscend Corp. (the "**Company**"), a corporation organized under the laws of the Province of Ontario, in connection with a registration statement on Form S-8 (the "**Registration Statement**") filed on or about November 20, 2025 with the Securities and Exchange Commission (the "**Commission**") under the U.S. Securities Act of 1933, as amended (the "**Securities Act**") for the purpose of registering the issuance of 27,022,002 common shares in the capital of the Company (the "**Shares**") that may be issued upon exercise, vesting or other settlement of awards (the "**Awards**") granted or issued under the Company's Stock Option Plan dated March 8, 2017, as amended and restated on November 2, 2021 and April 19, 2023 (the "**Stock Option Plan**") and the Company's Share Unit Plan dated November 19, 2019, as amended and restated on April 19, 2023 (the "**Share Unit Plan**" and collectively with the Stock Option Plan, the "**Plans**").

This opinion letter is being furnished in accordance with the requirements of Item 601(b)(5) of Regulation S-K under the Securities Act.

**1.** **EXAMINATIONS AND INVESTIGATIONS** 

*Documents.* We have examined and relied upon originals or copies, certified or otherwise identified to our satisfaction, of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a certificate of status (the "**Certificate of Status**") dated November 19, 2025 issued
for the Company under the *Business Corporations Act* (Ontario) (the "**OBCA** "), a copy of which we have delivered to you;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the articles of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the by-laws of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) certain resolutions of the Company's board of directors (the "**Board**") relating to the
Registration Statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) extracts of certain meeting minutes and resolutions of the shareholders of the Company with respect to matters
related to the approval of the Plans and the issuance of Shares underlying the Awards issuable pursuant to the Plans;

![LOGO](g37804dsp1a.jpg)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) a certificate, dated the date of this opinion, of an officer of the Company (the "**Officer's Certificate** "), including copies of each of the items in paragraphs (b), (c), (d) and (e) above, a copy of which we have delivered to you;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the Plans; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) the Registration Statement and exhibits thereto.

*Minute Books*. Except for the corporate records forming part of the Officer's Certificate and such other corporate records as we deemed necessary, we have not reviewed the minute books of the Company.

**2.** **ASSUMPTIONS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Authenticity*. We have assumed:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the legal capacity of all individuals signing documents,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the genuineness of all signatures,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the authenticity and completeness of all documents submitted to us as originals,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the conformity to authentic original documents of all documents submitted to us as copies, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the continuing accuracy of the Certificate of Status as of the date of this opinion as if issued on that date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Awards*. We have assumed that the Awards granted pursuant to the Plans will be duly granted by the Board,
a committee of the Board (a "**Committee**") or pursuant to a delegation of authority granted by the Board or a Committee, all in accordance with the terms of the Plans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Public records*. We have assumed the completeness, accuracy, and currency of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the indices and filing systems maintained at the public offices where we searched or made inquiries,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) all documents supplied or otherwise conveyed to us by public officials, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) all facts set out in those documents and in official public records.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Trading restrictions*. We have assumed that, at the time of any distribution of or trade in securities of
the Company referred to in this opinion, no order, ruling, or decision granted by a securities commission, court of competent jurisdiction, or regulatory or administrative body having jurisdiction is in effect that would:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) restrict any distribution of or trade in those securities, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) affect any person or company who engaged in any such distribution or trade (including, without limitation, any
cease trade orders).

**3.** **RELIANCE** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Matters of fact in the Officer's Certificate*. We have relied solely upon the Officer's
Certificate as to the matters of fact set out in such certificate, without independently verifying those facts.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Company Status*. In expressing the opinion in section 5(a), we have relied and our opinion is based
solely upon the Certificate of Status and the Officer's Certificate.

**4.** **LAWS ADDRESSED** 

The opinions we express are limited to the laws of the Provinces of Ontario, British Columbia and Alberta (together, the "**Provinces**") and the federal laws of Canada applicable in the Provinces.

We are solicitors qualified to carry on the practice of law in the Provinces only, and we express no opinion as to any laws, or matters governed by any laws, other than the laws of the Provinces and the federal laws of Canada applicable therein. The opinions herein are limited to the laws of the Provinces and the federal laws of Canada applicable therein in effect as of the date hereof and we assume no obligation to update these opinions to take into account any changes in such laws after the date hereof.

**5.** **OPINIONS** 

Based upon and subject to the foregoing, we are of the opinion that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company is a corporation existing under the OBCA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Shares, when issued upon the valid exercise, vesting or other settlement of Awards in accordance with the
terms of the respective Plan, including, in each case, as applicable, receipt by the Company of payment in full for the Shares in respect of which such Awards are exercised or otherwise settled, such Shares will be validly issued, as fully paid and non-assessable Shares of the Company.

**6.** **USE OF OPINION** 

This opinion letter is rendered solely in connection with the registration of the Shares set forth in the Registration Statement.

We hereby consent to the filing of this opinion letter as Exhibit 5.1 to the Registration Statement. In giving such consent, we do not hereby admit that we are within the category of persons whose consent is required under Section 7 of the Securities Act or the rules or regulations of the Commission thereunder.

Yours truly,

*CASSELS BROCK & BLACKWELL LLP*

## Exhibit 23.2

**Exhibit 23.2** 

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

We consent to the incorporation by reference in this Registration Statement on Form S-8 of TerrAscend Corp., of our auditor's report dated March 6, 2025 with respect to the consolidated financial statements of TerrAscend Corp. (and its subsidiaries) as at December 31, 2024 and 2023 and for each of the years in the three year period ended December 31, 2024, as included in the Annual Report on Form 10-K of TerrAscend Corp. for the year ended December 31, 2024, as filed with the United States Securities and Exchange Commission.

/s/ MNP LLP

Chartered Professional Accountants

Licensed Public Accountants

November 20, 2025

Toronto, Canada

## Ex-Filing

?xml version='1.0' encoding='ASCII'? EX-FILING FEES

---

| |
|:---|
| **Calculation of Filing Fee Tables**  |
| &nbsp;&nbsp;&nbsp;&nbsp;**S-8**  |
| &nbsp;&nbsp;&nbsp;&nbsp;**TerrAscend Corp.**  |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Security Type**  | **Security Class Title**  | **Fee Calculation Rule**  | **Amount Registered**  | **Proposed Maximum Offering Price Per Unit**  | **Maximum Aggregate Offering Price**  | **Fee Rate**  | **Amount of Registration Fee**  |
| 1 | Equity | Common Shares, no par value | Other | 3311147 | $1.4559 | $4820698.92 | 0.0001381 | $665.74 |
| 2 | Equity | Common Shares, no par value | Other | 23710855 | $0.3951 | $9368158.81 | 0.0001381 | $1293.74 |
| Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: |  | $14188857.73  |  | $1959.48  |
| Total Fee Offsets:  | Total Fee Offsets:  | Total Fee Offsets:  | Total Fee Offsets:  | Total Fee Offsets:  |  |  |  | $0.00  |
| Net Fee Due:  | Net Fee Due:  | Net Fee Due:  | Net Fee Due:  | Net Fee Due:  |  |  |  | $1959.48  |

---

 **Offering Note** <br>

<sup>1</sup> Pursuant to Rule 416(a) under the Securities Act of 1933, as amended (the "Securities Act"), this Registration Statement on Form S-8 also covers any common shares, no par value ("Common Shares"), of TerrAscend Corp. (the "Registrant") which become issuable under the TerrAscend Corp. Amended and Restated Stock Option Plan (the "Stock Option Plan") and the TerrAscend Corp. Amended and Restated Share Unit Plan (the "Share Unit Plan") in respect of the securities identified in the above table as a result of any share dividend, share split, recapitalization or other similar transaction, and any other securities with respect to which the outstanding shares are converted or exchanged which results in an increase in the number of the Registrant's outstanding Common Shares. The 3,311,147 Common Shares being registered represent Common Shares issuable upon the exercise of stock option awards previously granted under the Stock Option Plan. The Proposed Maximum Offering Price per Share is estimated solely for purposes of calculating the registration fee in accordance with Rule 457(h) of the Securities Act on the basis of, with respect to the 3,311,147 Common Shares underlying stock option awards previously granted under the Stock Option Plan, $1.4559 per Common Share, which is the weighted-average exercise price of such stock option awards.

<sup>2</sup> The 23,710,855 Common Shares being registered represents an aggregate of 23,710,855 Common Shares reserved for future issuances under the Stock Option Plan and the Share Unit Plan. The aggregate number of Common Shares underlying outstanding awards and reserved for future issuances under the Stock Option Plan and the Share Unit Plan is equal to 15% of the Registrant's outstanding Common Shares, on a non-diluted basis, as of the date of issuance. As of November 20, 2025, the Registrant had 305,483,308 Common Shares outstanding. The Proposed Maximum Offering Price per Share is estimated solely for purposes of calculating the registration fee in accordance with Rule 457(h) of the Securities Act on the basis of, with respect to the 23,710,855 Common Shares reserved for future issuances under the Stock Option Plan and the Share Unit Plan, $0.3951 per Common Share, which is the average of the high and low prices of the Registrant's Common Shares as reported on the OTCQX on November 19, 2025, which date is within five business days prior to the filing of this Registration Statement.

---

| | |
|:---|:---|
| | |
| **Rule 457(p)** | **Rule 457(p)** |
| Fee Offset Claims | N/A |
| Fee Offset Sources | N/A |

---