MR. ERIC SALSBERG ACQUIRES COMMON SHARES AND COMMON SHARE PURCHASE WARRANTS IN EDM RESOURCES INC.

TORONTO, May 5, 2023 /CNW/ - Mr. Eric Salsberg ("Mr. Salsberg"), a private investor, announced that he has acquired (the "Acquisition") an aggregate of 155,000 units ("Units") of EDM at a price of $0.50 per Unit pursuant to the private placement of EDM disclosed in EDM's press release dated May 2, 2023 and filed on SEDAR (www.sedar.com). Each Unit consisted of one common share and one common share purchase warrant of EDM, each warrant entitling the holder to acquire one additional common share until May 2, 2026 at an exercise price of $0.75 per common share.

Prior to this acquisition and EDM's private placement, Mr. Salsberg directly and indirectly owned 2,445,000 common shares of EDM, representing approximately 12.98% of the issued and outstanding common shares of EDM.  After the completion of the private placement, Mr. Salsberg now directly and indirectly owns 2,600,000 common shares representing approximately 10.81% of the issued and outstanding common shares, together with warrants to acquire an aggregate of 155,000 common shares of EDM.  If Mr. Salsberg were to exercise these warrants, he would own, directly and indirectly, 2,755,000 common shares of EDM, representing approximately 11.38% of EDM's outstanding common shares, on a partially diluted basis.

Mr. Salsberg has acquired the common shares and warrants for investment purposes.  Mr. Salsberg intends to review his investment in EDM on a continuing basis. Depending on various factors including, without limitation, EDM's financial position, the price levels of the securities, conditions in the securities markets and general economic and industry conditions, Mr. Salsberg may in the future take such actions with respect to his investment in EDM as he deems appropriate, including, without limitation, (i) increasing or decreasing his position in EDM through, among other things, the acquisition or disposition of securities of EDM through the open market,  in privately negotiated transactions, subscriptions from treasury or otherwise, (ii) entering into transactions that increase or hedge his economic exposure to such securities without affecting his beneficial ownership of such securities, and/or (iii) continuing to hold his current position. 

This press release is being issued pursuant to National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues, which requires that an early warning report be filed under EDM's profile on the System for Electronic Document Analysis and Review (SEDAR) (www.sedar.com) containing additional information respecting the foregoing matters. A copy of such report may be obtained by contacting Mr. Salsberg at telephone number [phone].

The head office of EDM is located at Suite 1301, 1959 Upper Water Street, Halifax, Nova Scotia, B3J 3N2.

SOURCE Eric Salsberg