Sign Up for FREE Daily Energy News
 
BREAKING NEWS:
Precision Well Servicing
Hazloc Heaters
Copper Tip Energy Services
Precision Well Servicing
Hazloc Heaters
Copper Tip Energy

Gran Tierra Energy Inc. Announces Approval of Normal Course Issuer Bid and Establishment of Automatic Securities Purchase Plan


GRANTIERRA_LOGO2018-RGB.png
Source: Gran Tierra Energy Inc.

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 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 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 Guidry, Chief Executive Officer

Ryan Ellson, Chief Financial Officer

Rodger Trimble, Vice President, Investor Relations

403-265-3221
info@grantierra.com



Share This:



More News Articles


New SHOWCASE Directory Companies

 

Osprey Informatics
CFR Chemicals
Vision Integrity Engineering Ltd.
Stream-Flo
Ironhub
Nationwide Boiler Inc
Silverstream Energy Solutions
Scovan Engineering