Gran Tierra Energy Inc. Announces Approval Of Normal Course Issuer Bid And Establishment Of Automatic Securities Purchase Plan
March 11 2019 - 6:00AM
UK Regulatory
TIDMGTE
CALGARY, Alberta, March 11, 2019 (GLOBE NEWSWIRE) -- Gran Tierra Energy
Inc. ("Gran Tierra" or the "Company") (NYSE American:
GTE)(TSX:GTE)(LSE:GTE) today announces that it has received approval
from the Toronto Stock Exchange ("TSX") to implement a normal course
issuer bid (the "NCIB") through the facilities of the TSX and eligible
alternative trading platforms in Canada and that it has entered into an
Automatic Securities Purchase Plan (the "ASPP") in connection with the
NCIB. Pursuant to the NCIB, 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 NCIB on behalf of Gran Tierra and
administering the ASPP is RBC Dominion Securities Inc. The ASPP is
intended to allow for the purchase of Shares under the NCIB when the
Company would ordinarily not be permitted to purchase shares due to
regulatory restrictions and customary self-imposed blackout periods.
Under the NCIB, Gran Tierra may repurchase for cancellation up to
19,353,951 Shares. This represents approximately 5% of its 387,079,027
issued and outstanding Shares as of March 1, 2019. These purchases will
be made in accordance with applicable regulations over a maximum period
of one year beginning on March 13, 2019 and ending on March 12, 2020.
The average daily trading volume of the Shares over the six calendar
months prior to the date hereof was 670,101. Accordingly, Gran Tierra is
entitled to purchase, on any trading day, up to 167,525 Shares. The
consideration that Gran Tierra will pay for any Shares acquired by it
under the NCIB 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 5,516,389 Shares at
a volume weighted average price of C$3.48 under a previously approved
normal course issuer bid through the facilities of the TSX and eligible
alternative trading platforms in Canada (March 12, 2018 to March 11,
2019) permitting the purchase of up to 19,269,732 Shares.
Pursuant to the ASPP, outside of a trading blackout period, Gran Tierra
may, but is not required to, instruct the designated broker to make
purchases under the NCIB in accordance with the terms of the ASPP. Such
purchases will be determined by the designated broker at its sole
discretion based on purchasing parameters set by Gran Tierra in
accordance with the rules of the TSX, applicable securities laws and the
terms of the ASPP. The ASPP has been pre-cleared by the TSX and will be
implemented on March 13, 2019.
Outside of blackout periods, Shares may be purchased under the NCIB
based on management's discretion, in compliance with TSX rules and
applicable securities laws. Purchases made under the ASPP will be
included in computing the number of Shares purchased under the NCIB.
About Gran Tierra Energy Inc.
Gran Tierra Energy Inc. together with its subsidiaries is an independent
international energy company focused on oil and natural gas exploration
and production in Colombia. The Company is focused on its existing
portfolio of assets in Colombia and will pursue new growth opportunities
throughout Colombia, leveraging our financial strength. The Company's
shares of common stock trade on the NYSE American, the Toronto Stock
Exchange and the London Stock Exchange under the ticker symbol GTE.
Additional information concerning Gran Tierra is available at
www.grantierra.com. Information on the Company's website does not
constitute a part of this press release. Investor inquiries may be
directed to info@grantierra.com
https://www.globenewswire.com/Tracker?data=ClXMKAZtowhgic9yl2o1zSZDTUHIGdU4V3YFJYckFS8_OfJRfOTXxj_ISST6QhgZSimF_x9nPaTKPrHaHzDs8FEoXTe1bJF9E6v8CwUESHk=
or (403) 265-3221.
Gran Tierra's Securities and Exchange Commission filings are available
on the SEC website at http://www.sec.gov and on SEDAR at
http://www.sedar.com and UK regulatory filings are available on the
National Storage Mechanism website at www.morningstar.co.uk/uk/nsm.
Forward-Looking Statements and Advisories
This 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 NCIB and management's belief that the NCIB will be advantageous
to stockholders and other benefits to be derived from the NCIB and
potential purchases of the Shares for cancellation or redeployment under
the NCIB and pursuant to the ASPP. There can be no assurance as to how
many Shares, if any, will ultimately be acquired by Gran Tierra under
the NCIB and pursuant to the ASPP or what impact the NCIB will have.
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, 2019 and its
subsequent quarterly reports on Form 10-Q. These filings are available
on a Web site maintained by the Securities and Exchange Commission at
https://www.globenewswire.com/Tracker?data=n2ihxaq1ONDbs_scAeLmFA5uGSfzIc4xzrJrxsloaYAdjFPt2gAsaNPufuZgLJR4umUAUhavdrrOiJeBSWZvGg==
http://www.sec.gov and on SEDAR at
https://www.globenewswire.com/Tracker?data=D3QmLMjG94AoesPusA9dcre7GVo82PH2VLR4ZXMmYmh9RNTwRiN_L_k6UCjLvLg7cwOayGWFjxqyM11UdgffNw==
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 Guidry, Chief Executive Officer
Ryan Ellson, Chief Financial Officer
Rodger Trimble, Vice President, Investor Relations
403-265-3221
info@grantierra.com
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(END) Dow Jones Newswires
March 11, 2019 06:00 ET (10:00 GMT)
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