Carrie Arran Resources and Anthem Sports & Entertainment Announce Proposed Transaction

TORONTO, ONTARIO--(Marketwired - May 6, 2015) - Carrie Arran Resources Inc. (TSX VENTURE:SCO) (the "Company") is pleased to announce that it has entered into a letter of intent with Anthem Sports & Entertainment Corp. ("Anthem") dated May 6, 2015, relating to a reverse takeover transaction (the "Anthem Transaction"), pursuant to which the Company proposes to acquire all of the issued and outstanding securities of Anthem in exchange for the issuance of common shares of the Company (the "Company Shares") by way of a three-cornered amalgamation.

Trading in the shares of the Company has been halted in accordance with the policies of the TSX Venture Exchange (the "TSX-V") and will remain halted until such time as all required documentation has been filed with and accepted by the TSX-V and permission to resume trading has been obtained from the TSX-V.

The Anthem Transaction

The Anthem Transaction is expected to be effected by way of a three-cornered amalgamation, pursuant to which a wholly-owned subsidiary of the Company will amalgamate with Anthem, with the resulting amalgamated company being a wholly-owned subsidiary of the Company. Upon closing of the Anthem Transaction, the Company expects to change its name to be Anthem Sports & Entertainment Inc. (the "Resulting Issuer").

Private Placement

As part of the Anthem Transaction, Anthem intends to complete a brokered private placement of subscription receipts for gross proceeds of CDN$20 million, which will be co-led by Paradigm Capital Inc., and GMP Securities LP, and including Mackie Research Capital Corp. (the "Anthem Private Placement").

Pursuant to the Anthem Private Placement, the subscription receipts shall entitle the holders thereof to acquire, without payment of any additional consideration, common shares of Anthem prior to giving effect to the Anthem Transaction. Accordingly, the purchasers of Anthem subscription receipts under the Anthem Private Placement will participate in the Anthem Transaction.

A comprehensive press release with further particulars relating to the Anthem Transaction will follow in accordance with the policies of the TSX-V.

Anthem Sports & Entertainment Corp.

Anthem is a fast-growing global leader in operating targeted specialty television channels on linear, digital and mobile platforms with offices and studios in New York, Toronto, Los Angeles and Las Vegas. Anthem's portfolio includes: Fantasy Sports Network, the world's first-ever channel dedicated to fantasy sports; RotoExperts.com, a leader in fantasy sports content; Fight Network, the world's premier combat sports channel now broadcasting in the U.S., Canada and over 30 other countries; and Pursuit Channel, one of the top outdoor channels in the U.S. available in over 40 million homes. Anthem also owns SportsGrid.com, a leader in general sports entertainment commentary.

About Carrie Arran Resources Inc.

Carrie Arran's principal business is the acquisition, exploration and development of mineral properties. Since incorporation, Carrie Arran's business has focused entirely on the acquisition of the Black Creek Project, located approximately 30 km north of Kirkland Lake, Ontario, Canada.

The parties' obligations to complete the Anthem Transaction will be subject to the satisfaction of a number of conditions, including but not limited to, completion of the Anthem Private Placement, TSX-V approval, any required regulatory approval, Anthem shareholder approval, the consent of the shareholders of the Company, and other conditions customary for a transaction of this nature. The Anthem Transaction cannot close until the required shareholder approval is obtained. There can be no assurance that the transaction will be completed as proposed or at all.

Investors are cautioned that, except as disclosed in the Filing Statement to be prepared in connection with the Anthem Transaction, any information released or received with respect to the Anthem Transaction may not be accurate or complete and should not be relied upon. Trading in securities of the Company should be considered highly speculative.

The TSX Venture Exchange has in no way passed upon the merits of the proposed transaction described herein and has neither approved nor disapproved the contents of this news release. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

THIS PRESS RELEASE DOES NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY ANY SECURITIES IN ANY JURISDICTION, NOR SHALL THERE BE ANY OFFER, SALE, OR SOLICITATION OF SECURITIES IN ANY STATE IN THE UNITED STATES IN WHICH SUCH OFFER, SALE, OR SOLICITATION WOULD BE UNLAWFUL.

ANY SECURITIES REFERRED TO HEREIN WILL NOT BE REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933 (THE "1933 ACT") AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OR TO A U.S. PERSON IN THE ABSENCE OF SUCH REGISTRATION OR AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE 1933 ACT.

Notice Regarding Forward-Looking Statements:

This news release contains "forward-looking information", which may include, but is not limited to, statements with respect to the future financial or operating performance of the Company, Anthem and its media interests, as well as forward-looking statements regarding the Anthem Transaction and the Anthem Private Placement. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or believes" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company and Anthem to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Forward-looking statements contained herein are made as of the date of this press release and the Company and Anthem disclaim, other than as required by law, any obligation to update any forward-looking statements whether as a result of new information, results, future events, circumstances, or if management's estimates or opinions should change, or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements.