CAYMAN ISLANDS, Apr 14, 2014 (Canada NewsWire via COMTEX) — Firebird Global Master Fund Holdings, Ltd. (“FGMF Holdings”) announces that it acquired from Galahad Metals Inc. (nex:GAX) (the “Issuer”) a 15% convertible note in the principal amount of $400,000 (the “Note”), which is convertible into 4,000,000 fully paid and non-assessable units of the Issuer (“Units”) at an issuing price for each Unit of $0.10 per Unit. Each Unit is comprised of one post-consolidation common share of the Issuer and one common share purchase warrant (“Warrants”), each of which is exercisable to purchase one post-consolidation common share of the Issuer at $0.20 per share until April 8, 2016.

In addition, FGMF Holdings and its joint actor, Firebird Global Master Fund II Holdings, Ltd. (“FGMF II Holdings”), acquired the 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 post-consolidation common shares of the Issuer (the “Bonus Shares”) upon satisfaction of certain conditions (the “Bonus”), as partial consideration for the sale of their interest in Arax Energy Inc. (“Arax”), the whole as more fully described in a press release of the Issuer dated April 9, 2014. The Bonus, if received, will be allocated as to approximately 85.28% to FGMF Holdings and 14.72% to FGMF II Holdings and, if paid in the form of Bonus Shares, as to 5,164,474 Bonus Shares to FGMF Holdings and 891,483 Bonus Shares to FGMF II Holdings.

Assuming (i) the consolidation of the Issuer’s common shares on the basis of one post-consolidation common share for each ten pre-consolidation common shares, (ii) the conversion of the Note in Units, (iii) the exercise of the Warrants and (iv) the issuance of the maximum amount of Bonus Shares, the aggregate number of securities of the Issuer that would be held by FGMF Holdings and FGMF II Holdings would be 14,055,957 common shares, representing approximately 71.43% of the then outstanding common shares of the Issuer, including the common shares issued pursuant to the conversion of the Note, the exercise of the Warrants and the payment of the Bonus Shares.

The securities were acquired for investment purposes. FGMF Holdings 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.