Galahad Metals Inc. (TSXV:GAX.H) acquired 60% stake in Arax Energy Inc. from Firebird Global Master Fund Holdings LTD and Firebird Global Master Fund Holdings II, Ltd for CAD 3 million on April 8, 2014. Under the terms of the agreement, Galahad Metals Inc. acquired 25.375 million common shares and 28.8 million convertible preference shares for CAD 1. In the event that Arax's indirectly held Russian subsidiary, Techniton, produces more than an average of 500 barrels of oil equivalent per day for a period of six months, ending no later than December 31, 2016, then Galahad agreed to pay to Firebird a bonus payment of CAD 3.0 million in cash. Firebird also has the option to receive such payment in common shares of Galahad. Galahad shall have the option, within the next twelve months to terminate Firebird's bonus for CAD 0.75 million in cash.

Galahad Metals Inc. (TSXV:GAX.H) completed the acquisition of 60% stake in Arax Energy Inc. from Firebird Global Master Fund Holdings LTD and Firebird Global Master Fund Holdings II, Ltd on April 8, 2014.