CALGARY, Alberta, November 26, 2021 (GLOBE NEWSWIRE) – Gran Tierra Energy Inc. (“Gran Tierra” or the “Company”) (NYSE American: GTE) (TSX: GTE) (LSE: GTE) today announced that Gran Tierra Resources Limited (“GTRL“), a wholly owned subsidiary of Gran Tierra, has secured private buyers for the sale by GTRL of a total of 137,093,750 common shares (the”Purchased shares“) from PetroTal Corp. (“PetroTal”) At a price of US $ 0.2198 per share purchased, for an aggregate purchase price of approximately US $ 30.1 million. The price of US $ 0.2198 per share purchased represents an approximate discount of 10.8% from the closing price of PetroTal’s common shares on November 25, 2021 on the AIM market of the London Stock Exchange.
Gran Tierra intends to use the proceeds from the sale of PetroTal shares to repay debt and for other general corporate purposes.
As a result of this transaction, GTRL will not hold any PetroTal shares.
For investor and media inquiries, please contact:
President and CEO
Executive Vice President and Chief Financial Officer
Vice-President, Investor Relations
About Gran Tierra Energy Inc.
Gran Tierra Energy Inc. and its subsidiaries are an independent international energy company currently focused on the exploration and production of oil and natural gas in Colombia and Ecuador. The Company is currently expanding its existing portfolio of assets in Colombia and Ecuador and will continue to seek new growth opportunities that would further strengthen the Company’s portfolio. The Company’s common shares trade on the NYSE American, the Toronto Stock Exchange and the London Stock Exchange under the symbol GTE. Additional information about Gran Tierra is available at www.grantierra.com. Information on the Company’s website does not form part of this press release. Investor inquiries can be directed to [email protected] or (403) 265-3221.
Documents filed with the Gran Tierra Securities and Exchange Commission are available on the SEC’s website at http://www.sec.gov. The Company’s Canadian securities regulatory documents are available on SEDAR at http://www.sedar.com and UK regulatory documents are available on the National Storage Mechanism website at https: // data.fca.org.uk/#/nsm/nationalstoragemechanism.
Forward-looking statements and legal opinions
This press release contains opinions, forecasts, projections and other statements regarding future events or results that constitute forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995, section 27A of the Securities Act. Act of 1933, as amended. and Section 21E of the Securities Exchange Act of 1934, as amended, and forward-looking information within the meaning of applicable Canadian securities laws (collectively, “forward-looking statements”). The use of the words “expect”, “will”, “intend” and similar terms identify forward-looking statements. In particular, this press release contains forward-looking statements regarding the closing of the sale and the use of the proceeds thereof. The forward-looking statements contained in this press release are based on certain assumptions made by Gran Tierra based on the experience of management and other factors considered appropriate. Gran Tierra believes these assumptions are reasonable at this time, but forward-looking statements are subject to risks and uncertainties, many of which are beyond Gran Tierra’s control, which may cause actual results to differ materially from those implied or expressed. by forward-looking statements. Gran Tierra disclaims any intention or obligation to update or revise forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.
This announcement does not constitute an offer to sell or a solicitation of an offer to buy securities.
Early warning disclosure
The following disclosure is provided in accordance with National Instrument 62-103 – The early warning system and issues with takeover bids and insider reports in connection with the filing of an alert report regarding the disposition by GTRL of the Purchased Shares.
On November 26, 2021, GTRL recruited private buyers to sell by GTRL the Shares purchased at a price of $ 0.2198 per Share purchased, for a total purchase price of $ 30,139,512.56. The shares purchased represent approximately 16.80% of the issued and outstanding common shares of PetroTal (the “sharesOrdinary actions”) As of November 25, 2021. As a result of this transaction, GTRL will not hold any common shares. The purchase price is C $ 0.2780 per share purchased for an aggregate purchase price of C $ 38,117,506.72, in each case based on the Bank of Canada daily exchange rate on November 25, 2021 GTRL disposes of the purchased shares for investment purposes so that it can repay debt and other general corporate purposes.
PetroTal, GTRL and Gran Tierra Energy International Holdings Ltd. (“GTEIHL”) Were parties to an investor rights agreement dated December 18, 2017 under which GTRL and GTEIHL obtained the right to appoint certain directors to the board of directors of PetroTal, certain pre-emptive rights, certain registration rights and certain registration fees. PetroTal’s head office is located at 11451 Katy Freeway, Suite 500, Houston, Texas, USA 77079. Common shares are traded on the TSX Venture Exchange and AIM. GTRL’s address is Suite 900, 520 – 3rd Avenue SW, Calgary, Alberta, Canada T2P 0R3. A copy of the Early Warning Report containing additional information regarding the above matters will be filed and available on PetroTal’s SEDAR profile at www.sedar.com. To obtain a copy of the Early Warning Report, you can also contact Ryan Ellson, Chief Financial Officer of Gran Tierra and Administrator of GTRL at (403) 265-3221.