HONG KONG, June 19, 2020 /CNW/ - Meridian Capital
International Fund ("Meridian") announced that on
June 18, 2020 it acquired 75,000,000
units of PetroTal Corp. ("PetroTal") (TSXV: TAL) (AIM: PTAL)
by way of a private placement at a price of 10p (approximately
C$0.17) per unit, for total
consideration of £7,500,000 (approximately C$12,680,574). Each unit consists of one common
share of PetroTal and one half of one warrant. Each whole warrant
(comprised of two half warrants) can be exercised to acquire one
PetroTal common share for 16p until the third anniversary of their
issuance.
The 75,000,000 common shares acquired by Meridian, together with
the common shares of PetroTal previously held by it, result in
Meridian having beneficial ownership of approximately 19.42% of
PetroTal's outstanding common shares. Prior to Meridian's
acquisition of the 75,000,000 common shares on June 18, 2020, Meridian owned 79,010,361 common
shares of PetroTal, representing approximately 11.8% of PetroTal's
outstanding common shares.
The common shares of PetroTal were acquired by Meridian for
investment purposes. Meridian will continue to review the
performance of and prospects for this investment and investment
alternatives. Meridian may take actions in the future in respect of
its security holdings in PetroTal based on the then existing facts
and circumstances, which actions could include, without limitation,
acquisitions or dispositions of PetroTal common shares, whether in
the open market, by privately negotiated agreement or
otherwise.
Meridian's head office is located at Level 37, 41 Heung Yip
Road, Level 37, 41 Heung Yip Road. PetroTal's head office is
located at 11451 Katy Freeway, Suite 500, Houston, Texas, 77079.
This press release is being issued pursuant to National
Instrument 62-103 – The Early Warning System and Related
Take-Over Bid and Insider Reporting Issues which requires a
report to be filed under PetroTal's profile on SEDAR
(www.sedar.com) containing further information respecting the
foregoing matters. For a copy of such report or further
information, you may contact:
SOURCE Meridian Capital International Fund