Carrie Arran Resources Inc. Completes Share Consolidation and Announces Warrant Cancellation

Toronto, Ontario--(Newsfile Corp. - April 25, 2022) - Carrie Arran Resources Inc. (the "Corporation") is pleased to announce that it has completed a consolidation of its issued and outstanding common shares on a 4-for-1 basis (the "Consolidation"). The Consolidation was previously approved by shareholders of the Corporation at an annual and special meeting held on March 11, 2022 (the "Meeting"). The Corporation has also entered into an agreement for the cancellation of common share purchase warrants.

Share Consolidation

The Corporation has filed articles of amendment to consolidate the Corporation's issued and outstanding common shares on the basis of one new common share for every four existing common shares (the "Consolidation"). The Consolidation was effective as of April 22, 2022.

As a result of the Consolidation, the 8,376,600 common shares of the Corporation issued and outstanding prior to the Consolidation have been reduced to 2,094,150 common shares. Each shareholder's percentage ownership in the Corporation and proportional voting power remains unchanged after the Consolidation, except for minor changes and adjustments resulting from the treatment of any resulting fractional common shares.

The Corporation will not be issuing fractional post-Consolidation common shares. Any fractional common shares that resulted upon the effectiveness of the Consolidation were converted into whole post-Consolidation common shares such that each fractional common share remaining after the Consolidation that was less than 1/2 of a post-Consolidation common share was cancelled and each fractional common share that was at least 1/2 of a post-Consolidation common share was changed to one whole post-Consolidation common share.

Along with the Management Information Circular in connection with the Meeting, the Corporation sent letters of transmittal to holders of its common shares for use in transmitting their existing share certificates ("Existing Certificates") to the Corporation's registrar and transfer agent, Computershare Investor Services Inc., in exchange for new certificates ("New Certificates") representing the number of post-Consolidation common shares to which such shareholder is entitled as a result of the Consolidation. No delivery of a New Certificate to a shareholder will be made until the shareholder has surrendered its Existing Certificates. Until surrendered, each Existing Certificate shall be deemed for all purposes to represent the number of post-Consolidation common shares to which the holder is entitled as a result of the Consolidation.

Warrant Cancellation

The Corporation also wishes to announce that it entered into an agreement, effective concurrent with the Consolidation, pursuant to which warrants to purchase 2,950,000 pre-Consolidation common shares ("Warrants") were cancelled. Each Warrant holder agreed to the termination of the Warrants for nominal consideration. The Corporation determined that the cancellation of the Warrants was beneficial to the Corporation, as the Warrants may have hindered the Corporation's ability to develop the business and pursue new business activities.

For further information regarding Consolidation and the Warrant cancellation, shareholders of the Corporation are advised to review the Corporation's most recent management information circular dated February 9, 2022 which is available on SEDAR at www.sedar.com^[1].

Cautionary Note Regarding Forward-Looking Statements

Certain of the statements made and information contained herein is "Forward-looking information" within the meaning of applicable securities laws, including statements concerning our plans, future financings and operations, and the timing and completion of any acquisition or future business opportunities. Such forward-looking information involves known and unknown risks, uncertainties, and other factors which may cause the actual results, performance or achievements of the Corporation, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Forward-looking information is subject to a variety of risks and uncertainties that could cause actual events or results to differ from those reflected in the forward-looking information, including, without limitation, general economic, market and business conditions, including in light of the COVID-19 pandemic, changes in national and local government legislation or regulations regarding environmental factors, taxation or foreign investment; political or economic instability; terrorism; inflation; changes in currency exchange rates; fluctuations in commodity prices; dependency on equity market financings to fund operations; and other risks and uncertainties, including those described in each management's discussion and analysis released by the Corporation. In addition, forward-looking information is based on various assumptions. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements. Accordingly, readers are advised not to place undue reliance on forward-looking statements, which speak only as of the date they are made. Except as required under applicable securities legislation, the Corporation undertakes no obligation to publicly update or revise forward-looking information, whether as a result of new information, future events or otherwise.

For Further Information:

Thomas PladsenDirectorTelephone: 647-287-3778

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/121593^[2]

References

1. ^{^} www.sedar.com (www.newsfilecorp.com)
2. ^{^} https://www.newsfilecorp.com/release/121593 (www.newsfilecorp.com)