Gran Tierra Energy Inc. Announces Sale of 109,006,250 PetroTal Shares for US$14.8 Million
22 January 2021 - 1:00AM
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 entered into arrangements with
private purchasers providing for the sale by GTRL of an aggregate
of 109,006,250 common shares (the “
Purchased
Shares”) of PetroTal Corp. (“
PetroTal”)
at a price of US$0.13623 per Purchased Share, for an aggregate
purchase price of approximately US$14.8 million.
As of market close on January 20, 2021, the
remaining 137,093,750 shares of PetroTal owned by GTRL had a market
value of approximately US$ 32 million.
Contact Information
For investor and media inquiries please
contact:
Gary GuidryPresident & Chief Executive
Officer
Ryan EllsonExecutive Vice President & Chief
Financial Officer
Rodger TrimbleVice President, Investor
Relations
+1-403-265-3221
info@grantierra.com
About Gran Tierra Energy
Inc.
Gran Tierra Energy Inc. together with its
subsidiaries is an independent international energy company focused
on oil and natural gas exploration and production in Colombia and
Ecuador. The Company is focused on its existing portfolio of assets
in Colombia and Ecuador and plans to pursue new growth
opportunities throughout Colombia and Latin America. The Company’s
common stock trades on the NYSE American, the Toronto Stock
Exchange and the London Stock Exchange under the ticker symbol GTE.
Additional information concerning Gran Tierra is available at
www.grantierra.com. Information on the Company’s website does not
constitute a part of this press release. Investor inquiries may be
directed to info@grantierra.com or (403) 265-3221.
Gran Tierra’s Securities and Exchange Commission
filings are available on the SEC website at http://www.sec.gov and
on SEDAR at http://www.sedar.com and UK regulatory filings are
available on the National Storage Mechanism website at
https://data.fca.org.uk/#/nsm/nationalstoragemechanism.
Early Warning Disclosure
The following disclosure is provided pursuant to
National Instrument 62-103 – The Early Warning System and Related
Take-Over Bid and Insider Reporting Issues in connection with the
filing of an early warning report regarding GTRL’s disposition of
the Purchased Shares.
On January 20, 2021, GTRL entered into
arrangements with private purchasers providing for the sale by GTRL
of the Purchase Shares at a price of US$0.13623 per Purchased
Share, for an aggregate purchase price of US$14,849,921. The
Purchased Shares represent approximately 13.36% of the issued and
outstanding common shares of PetroTal (the “Common
Shares”) as of January 20, 2021. Prior to the
transactions, GTRL owned 246,100,000 Common Shares, representing
approximately 30.15% of the issued and outstanding Common Shares as
of January 20, 2021. Following the transactions, GTRL will own
137,093,750 Common Shares, representing approximately 16.80% of the
issued and outstanding Common Shares as of January 20, 2021. The
purchase price is C$0.1735 per Purchased Share for an aggregate
purchase price of C$18,912,584.40, in each case based on the Bank
of Canada daily exchange rate on January 19, 2021. GTRL is
disposing of the Purchased Shares for investment purposes. GTRL
may, depending on market and other conditions, or as future
circumstances may dictate, from time to time, increase or dispose
of some or all of the existing or additional securities it holds or
will hold in PetroTal, or may continue to hold its position in
PetroTal. PetroTal, GTRL and Gran Tierra Energy International
Holdings Ltd. (“GTEIHL”) are parties to an
investor rights agreement dated December 18, 2017 pursuant to which
GTRL and GTEIHL were granted the right to nominate certain
directors to the board of directors of PetroTal, certain
pre-emptive rights, certain registration rights and certain
piggy-back registration rights. PetroTal’s head office is located
at 11451 Katy Freeway, Suite 500, Houston, Texas, United States
77079. The Common Shares are traded on the TSX Venture Exchange and
the AIM. GTRL’s address is Suite 900, 520 – 3rd Avenue SW, Calgary,
Alberta, Canada T2P 0R3. A copy of the early warning report with
additional information in respect of the foregoing matters will be
filed and made available on PetroTal’s SEDAR profile at
www.sedar.com. To obtain a copy of the early warning report, you
may also contact Ryan Ellson, Chief Financial Officer of Gran
Tierra and a director of GTRL at (403) 767-6501.
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