Gran Tierra Energy Inc. Announces Approval of Normal Course Issuer Bid
March 08 2018 - 6:00AM
Gran Tierra Energy Inc. (“Gran
Tierra”) (NYSE American:GTE) (NYSE MKT:GTE)
(TSX:GTE), a company focused on oil and gas exploration and
production in Colombia today announces that it has received
approval from the Toronto Stock Exchange
(“
TSX”) to implement its
previously announced normal course issuer bid (the
“
Bid”) through the facilities of
the TSX. Pursuant to the Bid, Gran Tierra is able to purchase for
cancellation up to 5% of its issued and outstanding shares of
common stock (the “
Shares”) for a
one year period at prevailing market prices. The brokerage firm
conducting the Bid on behalf of Gran Tierra is Eight Capital.
Under the Bid, Gran Tierra may repurchase for
cancellation up to 19,269,732 Shares. This represents approximately
5% of its 385,394,642 issued and outstanding Shares as of March 8,
2018. These purchases will be made in accordance with applicable
regulations over a maximum period of one year beginning on March
12, 2018 and ending on March 11, 2019. The average daily trading
volume of the Shares over the six calendar months prior to the date
hereof was 610,816. Accordingly, Gran Tierra is entitled to
purchase, on any trading day, up to 152,704 Shares. The
consideration that Gran Tierra will pay for any Shares acquired by
it under the Bid will be paid in cash at the market price of such
Shares at the time of acquisition.
Management of Gran Tierra believes that the
Shares, at times, have been trading in a price range which does not
adequately reflect their value in relation to Gran Tierra’s current
operations, growth prospects and financial position. At such times,
the purchase of Shares for cancellation or to satisfy awards
granted under Gran Tierra’s 2007 Equity Incentive Plan may be
advantageous to stockholders by increasing the value of the
Shares.
Within the past twelve months, Gran Tierra
purchased 7,704,377 Shares at a volume weighted average price of
C$3.07 under a previously approved normal course issuer bid through
the facilities of the TSX and NYSE American (February 8, 2017 to
February 7, 2018) permitting the purchase of up to 19,540,359
Shares.
About Gran Tierra Energy
Inc.Gran Tierra Energy Inc. is an independent
international energy company focused on oil and natural gas
exploration and production in Colombia. The Company continues to
pursue new growth opportunities, leveraging its financial strength.
The Company's common shares trade on the NYSE American and the
Toronto Stock Exchange under the ticker symbol GTE. Additional
information concerning Gran Tierra is available at
www.grantierra.com. Investor inquiries may be directed to
info@grantierra.com or (403) 265-3221.
Gran Tierra’s Securities and Exchange Commission
filings are available on a website maintained by the Securities and
Exchange Commission at http://www.sec.gov and on SEDAR at
http://www.sedar.com.
Forward-Looking Statements and
AdvisoriesThis press release contains statements
about future events that constitute forward-looking statements
within the meaning of the United States Private Securities
Litigation Reform Act of 1995, Section 27A of the Securities Act of
1933, as amended, and Section 21E of the Securities Exchange Act of
1934, as amended, and forward looking information within the
meaning of applicable Canadian securities laws (collectively,
“forward-looking statements”).
Such forward-looking statements include, but are not limited to,
the benefits to be derived from the Bid and management’s belief
that the Bid will be advantageous to stockholders and other
benefits to be derived from the Bid. There can be no assurance as
to how many Shares, if any, will ultimately be acquired by Gran
Tierra under the Bid.
The forward-looking statements contained in this
news release are subject to risks, uncertainties and other factors
that could cause actual results or outcomes to differ materially
from those contemplated by the forward-looking statements,
including, among others: unexpected changes in general market and
economic conditions. Accordingly, readers should not place undue
reliance on the forward-looking statements contained herein.
Further information on potential factors that could affect Gran
Tierra are included in risks detailed from time to time in Gran
Tierra’s reports filed with the Securities and Exchange Commission,
including, without limitation, under the caption “Risk Factors” in
Gran Tierra’s Annual Report on Form 10-K filed February 27, 2018
and its quarterly reports on Form 10-Q. These filings are available
on a Web site maintained by the Securities and Exchange Commission
at http://www.sec.gov and on SEDAR at www.sedar.com.
All forward-looking statements are made as of
the date of this press release and the fact that this press release
remains available does not constitute a representation by Gran
Tierra that Gran Tierra believes these forward-looking statements
continue to be true as of any subsequent date. Actual results may
vary materially from the expected results expressed in
forward-looking statements. Gran Tierra disclaims any intention or
obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise,
except as expressly required by applicable securities laws. Gran
Tierra's forward-looking statements are expressly qualified in
their entirety by this cautionary statement.
Contact
Information:For investor and media inquiries
please contact:
Gary GuidryChief Executive Officer
Ryan EllsonChief Financial Officer
Rodger TrimbleVice President, Investor
Relations403-265-3321info@grantierra.com
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