GRAND CAYMAN, Cayman Islands, Jan. 3, 2017 /CNW/ - Firebird Global Master Fund Holdings, Ltd. ("FGMF") reports that on December 31, 2016, the right of FGMF and of its joint actor, Firebird Global Master Fund II Holdings, Ltd. ("FGMF II"), 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 Rosehearty Energy Inc. (CSE: RHX) (the "Issuer") expired without being exercised, which decreased the securityholding percentage by approximately 21.24%.
Immediately prior to the expiry of the right to receive a bonus described herein, FGMF owned 4,388,548 common shares of the Issuer. Furthermore, FGMF and 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 it had been received, would have been allocated as to approximately 85.28% to FGMF and 14.72% to FGMF II and, if paid in the form of Bonus Shares, as to 5,164,474 Bonus Shares to FGMF and 891,483 Bonus Shares to FGMF II.
The 4,388,548 common shares held by FGMF represented 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 which would have been held by FGMF and FGMF II would have been 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.
Immediately after the expiry of the right to receive the Bonus, FGMF owned 4,388,548 common shares of the Issuer, representing approximately 35.88% of the outstanding common shares of the Issuer.
The securities are held for investment purposes. FGMF 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. 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:
SOURCE Firebird Global Master Fund Holdings, Ltd.
For further information: Mr. Harvey Sawikin, Director, Firebird Global Master Fund Holdings, Ltd., (212) 698-9260, HSawikin@fbird.com