HONG
KONG, July 28, 2023 /CNW/ - A. Alshinbayev
reports a change in his ownership of securities of PetroTal Corp.
("PetroTal") (TSXV: TAL) (AIM: PTAL). On July 3, 2023, YF Finance Limited ("YFF")
exercised its 37,500,000 common share purchase warrants of PetroTal
(the "Warrants") to acquire 37,500,00 common shares of
PetroTal (the "Common Shares") at a price of £0.16 per
Common Share (the "Warrant Exercise"). The settlement
date of the Warrant Exercise was July 12,
2023. Following the Warrant Exercise, as the sole
shareholder of YFF, Mr. Alshinbayev owned or exercised control or
direction over approximately 22.5% of the issued and outstanding
Common Shares.
Immediately prior to the Warrant Exercise, Mr. Alshinbayev owned
or exercised control or direction over 207,547,157 Common
Shares, representing approximately 23.5% of the then issued and
outstanding Common Shares on a non-diluted basis. Following the
Warrant Exercise, Mr. Alshinbayev owned or exercised control or
direction over 207,547,157 Common Shares, representing
approximately 23.5% of the issued and outstanding Common Shares on
a non-diluted basis.
Following the Warrant Exercise, on July
18, 2023, YFF transferred 55,154,621 Common Shares by way of
a dividend in-kind to Mr. Alshinbayev (the "Share Transfer"
and, together with the Warrant Exercise, the "Reportable
Events"). Following the Share Transfer, Mr. Alshinbayev
continues to own or exercise control or direction over 22.5% of the
issued and outstanding Common Shares. The Share Transfer did not
take place through the facilities of any stock exchange or any
other marketplace. The Share Transfer was carried out in reliance
on the private agreement exemption under Section 4.2 of National
Instrument 62-104 – Take-over Bids and Issuer Bids ("NI
62-104"). Therefore, Mr. Alshinbayev is not subject to the
20.0% threshold requiring disclosure under NI 62-104.
Immediately prior to the Share Transfer, Mr. Alshinbayev owned
or exercised control or direction over 207,547,157 Common
Shares, representing approximately 23.5% of the then issued and
outstanding Common Shares on a non-diluted basis. Following the
Share Transfer, Mr. Alshinbayev continues to own or exercise
control or direction over 207,547,157 Common Shares, representing
approximately 22.5% of the issued and outstanding Common Shares on
a non-diluted basis.
The Reportable Events were solely for investment management
restructuring purposes. Mr. Alshinbayev may take actions in the
future in respect of his security holdings in PetroTal based on the
then existing facts and circumstances, which actions could include,
without limitation, acquisitions or dispositions of Common Shares,
whether in the open market, by privately negotiated agreement or
otherwise.
PetroTal's head office is located at 11451 Katy Freeway, Suite
500, Houston, Texas, United States, 77079.
This press release is being issued pursuant to NI 62-103,
which requires an early warning report to be filed under PetroTal's
profile on SEDAR (www.sedarplus.ca) containing further information
respecting the foregoing matters. For a copy of such report or
further information, you may contact:
SOURCE Askar Alshinbayev