Last checked at 11 Jul 2022 07:00
Director Dealing and TVR
Calgary, AB and Houston, TX - July 11, 2022-PetroTal Corp. ("PetroTal" or the "Company") (TSX‐V: TAL, AIM: PTAL and OTC: PTALF) announces that Manuel Pablo Zuniga-Pflucker, Director, President and Chief Executive Officer, exercised all of his performance warrants in respect of 9,961,700 Common Shares at US$0.1869/share on July 5, 2022. The exercise represented a value of approximately US$1.9 million, and was funded on a net share basis, based on a 20-day volume weighted average trading value, thereby resulting in the acquisition by Mr. Zuniga-Pflucker of 6,997,020 new Common Shares.
Additionally, Mr. Zuniga-Pflucker disposed of 6,800,000 Common Shares on July 8, 2022, at an average price of 41.3049 pence/share. The sale was primarily to fund normal course personal tax liabilities associated with the recent vesting of Performance Share Units ("PSUs") and the Performance Warrants.
As a result of these transactions, Mr. Zuniga-Pflucker's total beneficial interest in the Company increases to 4,659,135 Common Shares, and he continues to hold 11,791,695 PSUs, convertible into Common Shares.
The Company also notes the announcement by Pareto Securities AS on July 8, 2022 in which it announced it placed 38,781,157 Common Shares by an unnamed Shareholder in the Company. The Company will provide further updates as and when information becomes available.
Admission to trading on AIM
Application will be made for admission of the 6,997,020 Common Shares, which will rank pari passu with existing Common Shares, to trading on AIM ("Admission"), which is expected to occur on or around July 15, 2022.
Following Admission, the Company will have 851,717,659 common shares issued and there are no shares held in treasury. This figure may be used by shareholders as the denominator for the calculations to 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.
1 | Details of the person discharging managerial responsibilities/person closely associated | |||||||
a) | Name | Manuel Pablo Zuniga-Pflucker
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2 | Reason for the notification | |||||||
a) | Position/status | President and Chief Executive Officer
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b) | Initial notification/Amendment | Initial notification | ||||||
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||||
a) | Name | PetroTal Corp | ||||||
b) | LEI | 21380047ER33PRH4XH56 | ||||||
4 | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | |||||||
a) | Description of the financial instrument, type of instrument
Identification code | PetroTal Corp Common Shares PetroTal Corp. Performance Warrants ISIN: CA71677J1012 | ||||||
b) | Nature of the transaction | The acquisition of Common Shares of no par value each in the Company, by way of Performance Warrant exercise. The sale of Common Shares of no par value each in the Company. | ||||||
c) | Price(s) and volume(s) |
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d) | Aggregated information
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As above | ||||||
e) | Date of the transaction | July 5, 2022 July 8, 2022 | ||||||
f) | Place of the transaction | TSX Venture Exchange | ||||||
ABOUT PETROTAL
PetroTal is a publicly traded, tri‐quoted (TSXV: TAL, AIM: PTAL and OTC: PTALF) operationally prudent and sustainable Peruvian oil operator that owns 100% working interest in Blocks 95 and 107 with its current development focus at the Bretana oilfield in Block 95. The Company is headquartered in Houston, Texas with operational and legal offices in Lima, Peru and Calgary, Alberta, Canada, respectively. Over a period of four years, starting in late 2017, the PetroTal team was able to take a greenfield resource project and transform it into Peru's largest crude oil producer reaching over 20,000 bopd in December 2021. PetroTal now has a substantial and de-risked repeatable drilling inventory to provide investors with free cash flow and growth for many years ahead while actively building new initiatives to champion ESG development. For further information, please see the Company's website at www.petrotal-corp.com, the Company's filed documents at www.sedar.com, or below:
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)
Ritchie Balmer / James Spinney / Robert Collins
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
T: +44 (0) 7711 627449
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.