TIDMGTE
CALGARY, Alberta, Oct. 31, 2023 (GLOBE NEWSWIRE) -- Gran Tierra
Energy Inc. ("Gran Tierra") (NYSE American: GTE)(TSX: GTE)(LSE:
GTE), today announces that the Toronto Stock Exchange ("TSX") has
approved its notice of intention to make a normal course issuer bid
(the "Bid") for its shares of common stock (the "Shares"). As of
October 20, 2023, there were 33,288,305 Shares issued and
outstanding and the public float was 32,349,140 Shares. Pursuant to
the Bid, Gran Tierra will be able to purchase for cancellation up
to 3,234,914 Shares, representing 10% of the public float, at
prevailing market prices at the time of purchase, through the
facilities of the TSX, the NYSE American (the "NYSE") or
alternative trading platforms in Canada or the United States, if
eligible, or by such other means as may be permitted by the TSX,
the NYSE and applicable securities laws for a one year period
commencing on November 3, 2023 and ending on November 2, 2024. Gran
Tierra has also entered into an Automatic Share Purchase Plan (the
"ASPP") in connection with the Bid. The brokerage firm conducting
the Bid on behalf of Gran Tierra and administering the ASPP is
Eight Capital. The ASPP is intended to allow for the purchase of
Shares under the Bid when Gran Tierra would ordinarily not be
permitted to purchase Shares due to regulatory restrictions and
customary self-imposed blackout periods.
Gran Tierra may purchase up to 14,306 Shares during any trading
day, which represents approximately 25% of 57,225, which represents
the average daily trading volume on the TSX for the most recently
completed six calendar months prior to the TSX's acceptance of the
notice of the Bid. Gran Tierra may effect repurchases from time to
time in the open market.
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 Long Term Equity Incentive Plan may be
advantageous to stockholders by increasing the value of the
Shares.
Within the past twelve months, Gran Tierra purchased 2,530,026
Shares at a volume weighted average price of CDN$9.40 under a
previously approved normal course issuer bid through the facilities
of the TSX and eligible alternative trading platforms in Canada
permitting the purchase of up to 3,603,397 Shares (calculated on a
post-10-for-1 reverse stock split basis), which expired on August
30, 2023.
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 Bid 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, the NYSE,
applicable securities laws, including Rule 10b-18 under the U.S.
Securities Exchange Act of 1934, as amended, and the terms of the
ASPP. The ASPP has been pre-cleared by the TSX and will be
implemented on November 3, 2023.
Outside of blackout periods, Shares may be purchased under the
Bid based on management's discretion, in compliance with the rules
of the TSX, the NYSE and applicable securities laws. Purchases made
under the ASPP will be included in computing the number of Shares
purchased under the Bid.
About Gran Tierra Energy Inc.
Gran Tierra Energy Inc. together with its subsidiaries is an
independent international energy company currently focused on oil
and natural gas exploration and production in Colombia and Ecuador.
Gran Tierra is currently developing its existing portfolio of
assets in Colombia and Ecuador and will continue to pursue
additional growth opportunities that would further strengthen Gran
Tierra's portfolio. Gran Tierra's common stock trades 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 Gran
Tierra 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 U.S. Securities and Exchange Commission ("SEC")
filings are available on the SEC website at www.sec.gov. Gran
Tierra's Canadian securities regulatory filings are available on
SEDAR at www.sedar.com and UK regulatory filings are available on
the National Storage Mechanism (the "NSM") website at
https://data.fca.org.uk/#/nsm/nationalstoragemechanism. Gran
Tierra's filings on the SEC, SEDAR and NSM websites are not
incorporated by reference into this press release.
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
belief of Gran Tierra's management that the Bid will be
advantageous to stockholders, potential purchases of the Shares for
cancellation or redeployment under Gran Tierra's Long Term Equity
Incentive Plan, the potential value of the Bid for Gran Tierra's
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.
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 21, 2023
and its subsequent quarterly reports on Form 10-Q. These filings
are available on a Website maintained by the SEC 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.
No Offer or Solicitation
The information in this press release is for informational
purposes only and is neither an offer to purchase, nor a
solicitation of an offer to sell, subscribe for or buy any
securities or otherwise, nor shall there be any purchase in any
jurisdiction in contravention of applicable law.
Contact Information:
For investor and media inquiries please contact:
Gary Guidry
President & Chief Executive Officer
Ryan Ellson
Executive Vice President & Chief Financial Officer
Rodger Trimble
Vice President, Investor Relations
+1-403-265-3221
info@grantierra.com
(END) Dow Jones Newswires
October 31, 2023 17:09 ET (21:09 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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