Gran Tierra Energy Inc. [AMEX: GTE] disclosed that Gran Tierra Resources Limited (GTRL) which is a wholly-owned subsidiary of Gran Tierra, has secured private purchasers for the sale by GTRL of an aggregate of 137,093,750 common shares of PetroTal Corp.
The company has sold the share at a price of US$0.2198 per Purchased Share, for an aggregate buying price of roughly US$30.1 million. The price of US$0.2198 per Purchased Share represents an estimated discount of 10.8% to the closing price of the common shares of PetroTal on November 25, 2021, on the AIM Market of the London Stock Exchange.
Shares of Gran Tierra Energy Inc. [AMEX: GTE] surged 3.29% as the firm has gained +0.03 during the trading session of Wednesday. In the past 52-weeks of a trading session, the share of the firm oscillated between the 52-week low and high range of $0.26 and $1.23, respectively. Gran Tierra Energy has a total market capitalization of $307.90 million at the time of writing.
Furthermore, Gran Tierra is planning to utilize the profit of the sale of PetroTal shares to pay down debt and for other general business purposes. Gran Tierra Energy Inc. together with its division is an independent international energy company presently focused on oil and natural gas exploration and production in Colombia and Ecuador.