TIDMPTAL
RNS Number : 4690I
PetroTal Corp.
14 December 2020
PetroTal Announces Secondary Sale of Shares
Remus Horizons replaces Gran Tierra as PetroTal's largest
shareholder
Calgary, AB and Houston,TX - December 14, 2020-PetroTal Corp.
("PetroTal" or the "Company") (TSX--V: TAL and AIM: PTAL) announces
that it has been informed by Gran Tierra Resources Ltd. ("GTRL"), a
control person of PetroTal, that GTRL has entered into a private
agreement with Remus Horizons PCC Limited ("Remus") in respect of
the purchase by Remus of 218,012,500 common shares ("PetroTal
Shares") of PetroTal (the "Purchased Shares") at a price of
GBP0.099385 per Purchased Share, for an aggregate purchase price of
approximately GBP21,667,172 (the "Transaction"). Completion of the
Transaction is expected to occur on or about December 18, 2020,
subject to a number of conditions being satisfied or waived by one
or both of GTRL and Remus. PetroTal is not a party to the agreement
and will not receive any proceeds from the Transaction. GTRL has
indicated it is disposing of the Purchased Shares for investment
purposes.
The Purchased Shares represent approximately 26.7% of the issued
and outstanding PetroTal Shares as of the date hereof and Remus
will become a new control person of PetroTal following completion
of the Transaction. GTRL, a wholly owned subsidiary of Gran Tierra
Energy Inc., currently owns 246,100,000 PetroTal Shares,
representing approximately 30.15% of the issued and outstanding
PetroTal Shares as of the date hereof. Upon closing the
Transaction, GTRL will own 28,087,500 PetroTal Shares, representing
approximately 3.44% of the issued and outstanding PetroTal Shares
as of the date hereof. The remaining 28,087,500 PetroTal Shares are
subject to escrow pursuant to the TSX Venture Exchange escrow
requirements imposed in connection with the Company's reverse
take-over transaction completed in December 2017.
Manuel Pablo Zuniga-Pflucker, President and Chief Executive
Officer, commented:
"We are very appreciative of the guidance and support provided
by Gran Tierra and certainly wish them success in their continued
corporate growth. The Peruvian assets and start-up funding provided
by Gran Tierra when PetroTal was created in late 2017, formed the
nucleus for PetroTal's growth.
Additionally, we are excited to welcome Remus as PetroTal's
largest shareholder. The long term investment focus, along with
sound business and social principles of the fund, will provide
solid backing for PetroTal. All stakeholders in the Company will
benefit from knowing our shareholder base is strong and committed
to PetroTal's ongoing growth."
Gary Guidry, President and Chief Executive Officer of Gran
Tierra, commented:
"As part of our ongoing commitment to a disciplined financial
strategy, with a focus on balance sheet protection and long-term
value preservation, we decided to sell the majority of our PetroTal
Shares.
Manolo Zuniga and the entire team at PetroTal have done an
excellent job developing the Bretana oil field in Peru and
navigating through these very challenging and volatile times in the
industry. With a strong board and executive management team in
place, PetroTal is positioned to add value for many years to
come."
Sath Kanagarajah, Chief Executive Officer of Remus Corporation
commented:
"We are delighted to achieve this significant strategic
milestone for Remus and our investors. Our deeply experienced
management team looks forward to working with PetroTal and the
Peruvian national authorities to support further development of
PetroTal, in full cooperation with all their stakeholders. We are
especially keen to foster local employment opportunities and
partnerships with the communities in which PetroTal operates."
About Remus
Remus is a privately owned and managed investor in energy assets
and companies, with a long-term investment horizon and a dedication
to unlocking the full potential of energy opportunities. Remus
actively seeks economic and social value creation for all
stakeholders, including local employees, their families and
communities. Its management and advisors bring many decades of
investment and operational expertise to project scouting,
development and management.
Remus is incorporated under Guernsey law, and is managed by
Remus Horizons Management Company Limited, a licensee of The
Guernsey Financial Services Commission. F or further information
about Remus, please visit https://remus-petroleum.com .
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. 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 Bretana 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, the completion of the Transaction and the
termination of the Investor Rights Agreement. 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. 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.
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
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END
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December 14, 2020 02:45 ET (07:45 GMT)
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