Director Dealing

RNS Number : 9291R

PetroTal Corp.

11 July 2022

 

Director Dealing and TVR

Calgary, AB and Houston, TX - July 11,2022-PetroTal Corp. ("PetroTal" or the "Company") (TSX‐V: TAL, AIM: PTAL and OTC: PTALF) announces that Manuel Pablo Zuniga-Pflucker, Director, President and Chief Executive Officer, exercised all of his performance warrants in respect of 9,961,700 Common Shares at US$0.1869/share on July 5, 2022.  The exercise represented a value of approximately US$1.9 million, and was funded on a net share basis, based on a 20-day volume weighted average trading value, thereby resulting in the acquisition by Mr. Zuniga-Pflucker of 6,997,020 new Common Shares. 

Additionally, Mr. Zuniga-Pflucker disposed of 6,800,000 Common Shares on July 8, 2022, at an average price of 41.3049 pence/share.  The sale was primarily to fund normal course personal tax liabilities associated with the recent vesting of Performance Share Units ("PSUs") and the Performance Warrants.

As a result of these transactions, Mr. Zuniga-Pflucker's total beneficial interest in the Company increases to 4,659,135 Common Shares, and he continues to hold 11,791,695 PSUs, convertible into Common Shares.

The Company also notes the announcement by Pareto Securities AS on July 8, 2022 in which it announced it placed 38,781,157 Common Shares by an unnamed Shareholder in the Company. The Company will provide further updates as and when information becomes available.

Admission to trading on AIM

Application will be made for admission of the 6,997,020 Common Shares, which will rank pari passu with existing Common Shares, to trading on AIM ("Admission"), which is expected to occur on or around July 15, 2022.

Following Admission, the Company will have 851,717,659 common shares issued and there are no shares held in treasury.  This figure may be used by shareholders as the denominator for the calculations to determine if they are required to notify their interest in, or a change of their interest in, the Company under the FCA's Disclosure Guidance and Transparency Rules.

1	Details of the person discharging managerial responsibilities/person closely associated
a)	Name	Manuel Pablo Zuniga-Pflucker
2	Reason for the notification
a)	Position/status	President and Chief Executive Officer
b)	Initial notification/Amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	PetroTal Corp
b)	LEI	21380047ER33PRH4XH56
4	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instrument Identification code	PetroTal Corp Common Shares PetroTal Corp. Performance Warrants ISIN:  CA71677J1012
b)	Nature of the transaction	The acquisition of Common Shares of no par value each in the Company, by way of Performance Warrant exercise. The sale of Common Shares of no par value each in the Company.
c)	Price(s) and volume(s)	Price Volume US$0.1869/share 6,997,020 41.3049 pence/share 6,800,000
d)	Aggregated information - Aggregated volume - Price	As above
e)	Date of the transaction	July 5, 2022 July 8, 2022
f)	Place of the transaction	TSX Venture Exchange

ABOUT PETROTAL

PetroTal is a publicly traded, tri‐quoted (TSXV: TAL, AIM: PTAL and OTC: PTALF) operationally prudent and sustainable Peruvian oil operator that owns 100% working interest in Blocks 95 and 107 with its current development focus at the Bretana oilfield in Block 95.  The Company is headquartered in Houston, Texas with operational and legal offices in Lima, Peru and Calgary, Alberta, Canada, respectively.  Over a period of four years, starting in late 2017, the PetroTal team was able to take a greenfield resource project and transform it into Peru's largest crude oil producer reaching over 20,000 bopd in December 2021.  PetroTal now has a substantial and de-risked repeatable drilling inventory to provide investors with free cash flow and growth for many years ahead while actively building new initiatives to champion ESG development.  For further information, please see the Company's website atwww.petrotal-corp.com, the Company's filed documents atwww.sedar.com, or below:

Douglas Urch

Executive Vice President and Chief Financial Officer

[e-mail]

T: [phone]

Manuel Pablo Zuniga-Pflucker

President and Chief Executive Officer

[e-mail]

T: [phone]

Celicourt Communications

Mark Antelme / Jimmy Lea

[e-mail]

T : 44 (0) 208 434 2643

Strand Hanson Limited (Nominated & Financial Adviser)

Ritchie Balmer / James Spinney / Robert Collins

T: 44 (0) 207 409 3494

Stifel Nicolaus Europe Limited (Joint Broker)

Callum Stewart / Simon Mensley / Ashton Clanfield

Tel: [phone]

Auctus Advisors LLP (Joint Broker)

Jonathan Wright

T: [phone]

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.

 

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