Fiddlehead Announces Share Consolidation

/THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/

CALGARY, AB, July 30, 2024 /CNW/ - Fiddlehead Resources Corp. ("Fiddlehead" or the "Company") announces that, effective on or about July 31, 2024, the Company will complete a consolidation of its ‎issued and outstanding common shares (the "Common Shares") on the basis of one (1) new Common ‎Share for every existing two (2) Common Shares (the "Consolidation"). The Consolidation was approved ‎‎by the Company's Board of Directors on July 26, 2024.‎

Immediately prior to the Consolidation there are expected to be 13,841,757 Common Shares issued and ‎‎outstanding, and it is expected that there will be ‎approximately 6,920,881 Common Shares following the ‎Consolidation. Each shareholder's percentage ownership in the Company and proportional voting power ‎will remain unchanged after the Consolidation, except for minor changes and adjustments resulting from ‎the treatment of any resulting fractional Common Shares. Where the exchange results in a fractional ‎Common Share, the number of Common Shares will be ‎rounded ‎up to the next greater whole number of ‎Common Shares if the fractional entitlement is equal to or ‎greater than 0.5 and will be, without any ‎additional compensation, rounded down to the next ‎lesser whole number of Common Shares if the ‎fractional entitlement is less than 0.5.‎

The record date for the Consolidation will be July 31, 2024. A new CUSIP number of 31572D203 will ‎replace the old ‎CUSIP number of 31572D104 to distinguish between the pre- and post- consolidated ‎Common Shares. The ‎Company's name will remain unchanged.‎

The exercise or conversion price and the number of Common Shares issuable under any of the ‎‎Company's ‎outstanding warrants, stock options and other securities exercisable for or ‎‎convertible into ‎Common Shares will be proportionately adjusted in connection with the Consolidation.‎

Disclaimer for Forward-Looking Information

This news release contains certain forward-looking statements within the meaning of applicable Canadian ‎securities legislation. Forward looking statements are frequently characterized by words such as "plan", ‎‎"expect", "project", "target", "intend", "believe", "anticipate", "estimate" and other similar words, or ‎statements that certain events or conditions "may" or "will" occur, including without limitation statements ‎relating to the Consolidation. Forward-looking statements are based on the opinions ‎and estimates of management at the date the statements are made and are subject to a variety of risks ‎and uncertainties and other factors that could cause actual events or results to differ materially from ‎those projected in the forward-looking statements. The Company cannot assure that actual results will be ‎consistent with these forward-looking statements. They are made as of the date hereof and are subject ‎to change and the Company assumes no obligation to revise or update them to reflect new ‎circumstances, except as required by law.‎

SOURCE Fiddlehead Resources Corp.

For further information contact: Fiddlehead Resources Corp., Brent Osmond, CEO and Chairman, Phone No.: [phone], Email: [email protected]