Vancouver, British Columbia--(Newsfile Corp. - October 16, 2024) - Radio Fuels Energy Corp. (CSE: CAKE) (the "Company" or "Radio Fuels") announces that it has acquired ownership and control of 14,166,667 units (the "Subject Units") of Freeman Gold Corp. ("Freeman"), effective October 16, 2024 (the "Acquisition"). Each Subject Unit consists of one common share of Freeman ("Share") and one common share purchase warrant ("Warrant") exercisable at $0.08 for a period of nine months from the date of issuance. The Subject Units were acquired pursuant to private placement from the treasury of Freeman (the "Private Placement").

The Subject Units represent approximately 7.4% of all issued and outstanding Shares as at October 16, 2024 (or approximately 13.8% on a partially diluted basis, assuming exercise of the Warrants only), resulting in a corresponding change to the aggregate percentage ownership of Freeman by Radio Fuels.

Immediately before the Acquisition, the Company held no securities of the Company. Immediately following the Acquisition, the Company held 14,166,667 Subject Units representing approximately 7.4% of all issued and outstanding Shares as at October 16, 2024 (or approximately 13.8% on a partially diluted basis, assuming exercise of the Warrants only).

The Subject Units were acquired pursuant to the Private Placement for a price of $0.06 per Subject Unit. The holdings of securities of Freeman by Radio Fuels are managed for investment purposes, and Radio Fuels could increase or decrease its investment in Freeman at any time, or continue to maintain its current investment position, depending on market conditions or any other relevant factor.

Additional Information

A copy of the applicable securities report filed in connection with the matters set forth above may be obtained by contacting: Radio Fuels Energy Corp., 555 Burrard Street, PO Box 272, Vancouver, BC, V7X 1M8, Tel: (403) 614-2552.

About Radio Fuels Energy Corp.

The Company is a junior natural resource company focused on providing exposure to uranium and other commodities through the investment, acquisition, exploration, and development of projects and companies.

For further information, please contact:

Philip O'Neill
Chief Executive Officer
Tel: (403) 614-2552
Email: [email protected]

Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.