Expiry of warrants of Rosehearty Energy Inc. held by Firebird Global Master Fund Holdings, Ltd.

CAYMAN ISLANDS, Aug. 2, 2016 /CNW Telbec/ - Firebird Global Master Fund Holdings, Ltd. ("FGMF Holdings") reports that on August 1, 2016, 4,200,000 warrants to acquire the same number of common shares of Rosehearty Energy Inc. (CSE: RHX) (the "Issuer") have expired without being exercised, which decreased the securityholdngs percentage by approximately 9.16%.

Immediately prior to the expiry of warrants described herein, FGMF Holdings owned 4,388,548 common shares and 4,200,000 warrants to acquire the same number of common shares of the Issuer. Furthermore, FGMF Holdings and its joint actor, Firebird Global Master Fund II Holdings, Ltd. ("FGMF II"), had a right to receive a bonus in the amount of $3,027,978.73, payable in the form of cash or of up to a maximum of 6,055,957 common shares of the Issuer (the "Bonus Shares") upon satisfaction of certain conditions (the "Bonus"). The Bonus, if received, would be allocated as to approximately 85.28% to FGMF Holdings and 14.72% to FGMF II and, if paid in the form of Bonus Shares, as to 5,164,474 Bonus Shares to FGMF Holdings and 891,483 Bonus Shares to FGMF II.

The 4,388,548 common shares held by FGMF Holdings represented approximately 37.07% of the outstanding common shares of the Issuer. In addition, assuming the exercise of the warrants held by FGMF Holdings and the issuance of the maximum amount of Bonus Shares, the aggregate number of securities of the Issuer held by FGMF Holdings and FGMF II would be 14,644,505 common shares, representing approximately 66.28% of the outstanding common shares of the Issuer, including the common shares issued pursuant to the exercise of the warrants and the payment of the Bonus Shares.

Immediately after the expiry of warrants described herein, FGMF Holdings owns 4,388,548 common shares of the Issuer. Furthermore, FGMF Holdings and FGMF II, have a right to receive the Bonus, payable in the form of cash or in the form of Bonus Shares upon satisfaction of certain conditions. The Bonus, if received, would be allocated as to approximately 85.28% to FGMF Holdings and 14.72% to FGMF II and, if paid in the form of Bonus Shares, as to 5,164,474 Bonus Shares to FGMF Holdings and 891,483 Bonus Shares to FGMF II.

The 4,388,548 common shares held by FGMF Holdings represent approximately 35.88% of the outstanding common shares of the Issuer. In addition, assuming the issuance of the maximum amount of Bonus Shares, the aggregate number of securities of the Issuer held by FGMF Holdings and FGMF II would be 10,444,505 common shares, representing approximately 57.12% of the outstanding common shares of the Issuer, including the common shares issued pursuant to the payment of the Bonus Shares.

The securities are held for investment purposes. FGMF Holdings and FGMF II may, from time to time, acquire additional securities of the Issuer, may continue to hold their present position or may dispose of their securities.

This press release is being issued in order to comply with the disclosure requirements under applicable securities legislation.

SOURCE FIREBIRD GLOBAL MASTER FUND, LTD.

For inquiries or a copy of the related early warning report, a copy of which has also been filed on www.sedar.com, please contact: Mr. James Passin, Director, Firebird Global Master Fund Holdings, Ltd., [phone], [email protected]