CALGARY, AB, Nov. 28, 2024 /CNW/ - Fiddlehead Resources Corp. ("Fiddlehead") or the "Company") (TSXV: FHR), is pleased to announce the filing of its unaudited financial and operating results for the three and nine month periods ended September 30, 2024. Selected financial and operating information should be read in conjunction with Fiddlehead's unaudited consolidated financial statements and related management's discussion and analysis ("MD&A") for the three and nine months ended Sept. 30, 2024 and 2023, which are available on SEDAR+ at www.sedarplus.ca and on Fiddlehead's website at www.fiddleheadresources.com.
MESSAGE TO SHAREHOLDERS
During Q3 2024, Fiddlehead closed its transformational acquisition, completed its financing and, on September 10, the subsequent listing of its shares and warrants on the TSX Venture Exchange ("TSXV"). The successful listing was the culmination of a process undertaken through a period of low natural gas prices, and its completion is a testament to the strength of the Company strategy, board and management team, and the assets. The AECO 5A spot price on November 27 was $1.99/Gigajoule ("GJ"). This is almost four times the daily spot price on the date the Fiddlehead shares and warrants were listed on the TSXV, $0.51/GJ, and double the AECO 5A spot price of $0.95/GJ on October 28, one short month ago. Fiddlehead is optimistic about the future of commodity prices through the coming winter months, and is poised to achieve higher realized prices and operating netbacks through 2025. The Company anticipates the completion of the transfer of the licenses for the acquired assets by the Alberta Energy Regulator within the next 60 days, giving Fiddlehead full control of the assets. Once the license transfer is completed, Fiddlehead will provide an operational update and future production and cash flow guidance.
Q3 2024 HIGHLIGHTS
During the third quarter, Fiddlehead completed a share consolidation of one post-consolidation Common Share for every two pre-consolidation Common Shares outstanding;
Fiddlehead closed a private placement of subscription receipts at a price of $0.20 per subscription receipt for aggregate gross proceeds of $10.2 million;
Fiddlehead secured a credit facility with a private lender for $13.0 million;
The Company also completed the acquisition of the South Ferrier, Strachan area assets on August 29, 2024;
Fiddlehead's acquired assets produced 1,641 boe/d (32% liquids) in 32 days of activity; and
Fiddlehead common shares and common share purchase warrants commenced trading on the TSXV.
Read the full news release here.
Comments