Gran Tierra Energy Reduces its Stake in PetroTal

Source: www.gulfoilandgas.com 1/25/2021, Location: North America

PetroTal has advised that, as announced by Gran Tierra Energy Inc. ('GTEI') on January 20, 2021, Gran Tierra Resources Limited ('GTRL') has sold an aggregate of 109,006,250 common shares in the Company. The Company understands that multiple entities purchased the shares sold by GTRL and that, following the sale, GTRL continues to hold 137,093,750 Common Shares, representing 16.8% of PetroTal's issued and outstanding Common Shares. PetroTal was not a party to the agreements and did not receive any proceeds from the sale transactions.

The Company has 816,167,379 Common Shares in issue and there are no shares held in treasury. For purposes of the Disclosure Guidance and Transparency Rules, the total number of voting rights (TVR) in the Company is 816,167,379. This figure may be used by shareholders as the denominator for the calculations by which they determine if they are required to notify their interest in, or a change of their interest in, the Company under the FCA's Disclosure Guidance and Transparency Rules.

PetroTal and GTEI are parties to a Relationship Agreement dated December 17, 2018, in accordance with the Company's AIM admission process. The Relationship Agreement primarily covered that, as long as GTEI owned more than a 20% ownership of PetroTal, PetroTal and GTEI maintain business independence, arms' length relationships and that GTEI's voting rights were restricted to 30%, notwithstanding if the actual ownership was higher. As a result of the share sale transaction, the Relationship Agreement will automatically terminate in 56 days.


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