Fiddlehead Resources Corp. has entered into a definitive agreement to acquire South Ferrier, Strachan area assets in Canada for CAD 22.5 million on May 29, 2024. The total consideration for the Assets will be CAD 22,500,000 in cash, subject to customary adjustments.

In addition, Fiddlehead has entered into an agreement with Research Capital Corporation to act as the lead underwriter and sole bookrunner, in connection with a marketed underwritten, private placement offering of subscription receipts of FinanceCo at a price of CAD 0.20 per Subscription Receipt for minimum aggregate gross proceeds of CAD 10,000,000. The Purchase Price is expected to be satisfied through a combination of: (i) the net proceeds of the Offering; and (ii) a CAD 15,000,000 credit facility. Fiddlehead Resources Corp.

has entered into a term sheet for the Credit Facility with a private lender. Completion of the Acquisition is subject to a number of conditions, including but not limited to, TSXV acceptance and, if applicable pursuant to TSXV requirements, the satisfaction or waiver of all conditions precedent in the Definitive Agreement and closing conditions customary to transactions of this nature.