Firebird Global Master Fund Holdings, Ltd. announces conversion of the convertible notes of Rosehearty Energy Inc.

CAYMAN ISLANDS, Dec. 16, 2014 /CNW Telbec/ - Firebird Global Master Fund Holdings, Ltd. ("FGMF") announces that, since its last report dated April 14, 2014, it acquired from Rosehearty Energy Inc. (CSE: RHX) (the "Issuer") a 15% convertible note in the principal amount of $20,000 (the "$20,000 Note") convertible into 200,000 common shares and 200,000 common share purchase warrants of the Issuer. Subsequently, the $20,000 Note and the convertible note in the principal amount of $400,000 held by FGMF (the "$400,000 Note") were converted and, as a result, FGMF received 4,200,000 common shares and 4,200,000 common share purchase warrants of the Issuer. Each warrant is exercisable to purchase one common share of the Issuer at $0.20 per share until August 1, 2016. In addition, FGMF received a total of 188,548 common shares of the Issuer in payment of accrued interest on the above-mentioned notes.

The aggregate number of securities of the Issuer held by FGMF is 4,388,548 common shares and 4,200,000 warrants to acquire the same number of common shares of the Issuer.  Furthermore, FGMF and its joint actor, Firebird Global Master Fund II Holdings, Ltd. ("FGMF II"), have 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, will be 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 represent approximately 37.07% of the outstanding common shares of the Issuer.

In addition, assuming the exercise of the warrants held by FGMF and the issuance of the maximum amount of Bonus Shares, the aggregate number of securities of the Issuer that would be held by FGMF 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.

The securities were acquired for investment purposes. FGMF and its joint actor 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. This press release is not an admission that an entity named in the press release owns or controls any described securities or is a joint actor with anyone else.

SOURCE: Firebird Global Master Fund Holdings, Ltd.

or to obtain a copy the report, contact: Mr. James Passin, Director, Firebird Global Master Fund Holdings, Ltd., [phone], [email protected]