Cub Energy Inc. announced that its board of directors has determined to seek the approval of the holders of its common shares to complete a reorganization of its share capital to permit the Company to pay a special distribution to shareholders of up to CAD 0.03 per Share (up to approximately CAD 9.4 million or USD 6.9 million in aggregate), subject to final cost estimates and foreign exchange rates, in the course of an amendment of the Company's articles and an exchange of outstanding Shares for new shares and cash . An annual and special meeting of Shareholders will be held on December 19, 2022 to consider the Reorganization of Capital. Shareholders of record on November 8, 2022 .