TIDMPTAL
RNS Number : 1427V
PetroTal Corp.
05 August 2020
PetroTal announces Details Regarding Annual General and Special
Meeting
Virtual Meeting to be Held on September 9, 2020
Calgary and Houston - August 5, 2020-PetroTal Corp. ("PetroTal"
or the "Company") (TSX--V: TAL and AIM: PTAL) is pleased to
announce that a management information circular (the "Circular")
and other materials in respect of its annual general and special
meeting (the "Meeting") of holders ("Shareholders") of its common
shares ("Shares") have been filed on the Company's profile on SEDAR
at www.sedar.com . The Meeting will be held solely by means of
remote communication by webcast at
http://www.gowebcasting.com/10771 and by telephone at Canada/USA
Toll Free: 1-800-319-4610 International Toll: +1-604-638-5340 on
September 9, 2020 at 10:00 a.m. (Calgary time).
At the Meeting, Shareholders will be asked to consider for
approval, among other things, a resolution authorizing the Board of
Directors, at its discretion, to proceed with a potential
consolidation of the Shares on the basis of a ratio of between four
and eight pre-consolidation Shares for each one post-consolidation
Share (the "Consolidation").
The Consolidation is subject to approval of the T SX Venture
Exchange (the "TSXV") and Shareholders at the Meeting. If these
approvals are received and the Board of Directors determines to
proceed, the Consolidation will occur at a time determined by the
Board and announced by a press release of the Company. The Company
believes that the Consolidation, if implemented, will promote
increased liquidity and reduced volatility in the trading of the
Shares.
The Company currently has 814,555,701 issued and outstanding
Shares. In the event that the Consolidation is completed, for
example, on a four for one basis, the Company would have
approximately 203,638,925 Shares outstanding following the
Consolidation. In addition, the exercise price and number of Shares
issuable upon the exercise of any convertible securities would be
proportionally adjusted upon the implementation of the
Consolidation.
Further details on the reasoning for the Consolidation and the
other matters to be considered at the Meeting are contained in the
Circular.
ABOUT PETROTAL
PetroTal is a publicly--traded, dual--quoted (TSXV: TAL and AIM:
PTAL) oil and gas development and production company domiciled in
Calgary, Alberta, focused on the development of oil assets in Peru.
PetroTal's flagship asset is its 100% working interest in Bretana
oil field in Peru's Block 95 where oil production was initiated in
June 2018, and in early 2020 became the second largest crude oil
producer in Peru with more than 10,000 bopd of production.
Additionally, the Company has large exploration prospects and is
engaged in finding a partner to drill the Osheki prospect in Block
107. The Company's management team has significant experience in
developing and exploring for oil in Northern Peru and is led by a
Board of Directors that is focused on safely and cost effectively
developing the Bretaña oil field.
For further information, please see the Company's website at
www.petrotal-corp.com , the Company's filed documents at
www.sedar.com , or contact:
Douglas Urch
Executive Vice President and Chief Financial Officer
Durch@PetroTal-Corp.com
T: (713) 609-9101
Manuel Pablo Zuniga-Pflucker
President and Chief Executive Officer
Mzuniga@PetroTal-Corp.com
T: (713) 609-9101
Celicourt Communications
Mark Antelme / Jimmy Lea
petrotal@celicourt.uk
T : 44 (0) 208 434 2643
Strand Hanson Limited (Nominated & Financial Adviser)
James Spinney / Ritchie Balmer
T: 44 (0) 207 409 3494
Stifel Nicolaus Europe Limited (Joint Broker)
Callum Stewart / Simon Mensley / Ashton Clanfield
Tel: +44 (0) 20 7710 7600
Auctus Advisors LLP (Joint Broker)
Jonathan Wright / Rupert Holdsworth Hunt / Harry Baker
T: +44 (0) 7711 627449
READER ADVISORIES
FORWARD--LOOKING STATEMENTS: This press release contains certain
statements that may be deemed to be forward--looking statements.
Such statements relate to possible future events, including, but
not limited to: PetroTal's business strategy, objectives, strength
and focus; the AGM; and the Consolidation. All statements other
than statements of historical fact may be forward--looking
statements. Forward-- looking statements are often, but not always,
identified by the use of words such as "anticipate", "believe",
"expect", "plan", "estimate", "potential", "will", "should",
"continue", "may", "objective" and similar expressions. The
forward--looking statements are based on certain key expectations
and assumptions made by the Company, including, but not limited to,
expectations and assumptions concerning the timely receipt of all
required Shareholder, TSXV and regulatory approvals. Although the
Company believes that the expectations and assumptions on which the
forward--looking statements are based are reasonable, undue
reliance should not be placed on the forward--looking statements
because the Company can give no assurance that they will prove to
be correct. Since forward--looking statements address future events
and conditions, by their very nature they involve inherent risks
and uncertainties. Actual results could differ materially from
those currently anticipated due to a number of factors and risks.
Please refer to the risk factors identified in the Company's annual
information form for the year ended December 31, 2019 and
management's discussion and analysis for the three months ended
March 31, 2020 which are available on SEDAR at www.sedar.com. The
forward--looking statements contained in this press release are
made as of the date hereof and the Company undertakes no obligation
to update publicly or revise any forward--looking statements or
information, whether as a result of new information, future events
or otherwise, unless so required by applicable securities laws.
Neither the 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 press release.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
STRUPURPRUPUPUC
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August 05, 2020 02:00 ET (06:00 GMT)
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