At the shareholders Meeting of Cub Energy Inc. voted overwhelmingly to proceed with a reorganization of the Company's share capital to permit the Company to pay a Special Distribution to shareholders ("Special Distribution"). The Special Distribution will be C$0.03 per share in the course of the amendment of the Company's articles and an exchange of outstanding shares for new shares and cash (collectively, the "Reorganization of Capital"). The Special Distribution will be paid on approximately January 5, 2023 (the "Payment Date") to shareholders of record as of the close of business on December 23, 2022 (the "Record Date").

The Special Distribution will be subject to the "Due Bill" trading requirements of the TSX Venture Exchange (the "Exchange").