GRAN TIERRA ENERGY INC. (TSE:GTE) Files An 8-K Other EventsItem 8.01.
On February 6, 2017, Gran Tierra Energy Inc. (“Gran Tierra”) issued a press release announcing that it has received approval from the Toronto Stock Exchange (“TSX”) to implement its previously announced normal course issuer bid (the “Bid”) through the facilities of the TSX, the NYSE MKT and eligible alternative trading platforms in Canada and the United States. to the Bid, 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 Bid on behalf of Gran Tierra is GMP FirstEnergy, with respect to purchases made on the TSX, and Griffiths McBurney Corp., with respect to purchases made on the NYSE MKT.
Under the Bid, Gran Tierra may repurchase for cancellation up to 19,540,359 Shares. This represents approximately 5% of its 390,807,191 issued and outstanding Shares as of January 27, 2017. These purchases will be made in accordance with applicable regulations over a maximum period of one year beginning on February 8, 2017, and ending on February 7, 2018. The average daily trading volume of the Shares over the six (6) calendar months prior to the date hereof was 1,214,973 Shares. Accordingly, Gran Tierra is entitled to purchase, on any trading day, up to 303,743 Shares. The consideration that Gran Tierra will pay for any Shares acquired by it under the Bid will be paid in cash at the market price of such Shares at the time of acquisition.
About GRAN TIERRA ENERGY INC. (TSE:GTE)
Gran Tierra Energy Inc. is an energy company engaged in oil and gas acquisition, exploration, development and production. The Company focuses on onshore oil and gas properties in Colombia, and also own rights to oil and gas properties in Brazil and Peru. Its segments are Colombia, Peru and Brazil based on geographic organization. It operates principally in the Putumayo Basin in Colombia, and has properties in other basins, including the Catatumbo, Cauca, Llanos, Sinu-San Jacinto, Middle Magdalena and Lower Magdalena Basins. It has interests in over 30 blocks in Colombia and it is the operator on over 20 of these blocks. Its blocks and fields include Chaza-Costayaco and Moqueta Fields, Guayuyaco-Guayuyaco and Juanambu Fields, Garibay-Jilguero Field and over 11 Other Blocks. Blocks REC-T-129, REC-T-142, REC-T-155 and REC-T-224 are located over 70 kilometers northeast of Salvador, Brazil in the Reconcavo Basin. Its blocks in Peru include Block 123, Block 129, Block 107 and Block 133. GRAN TIERRA ENERGY INC. (TSE:GTE) Recent Trading Information
GRAN TIERRA ENERGY INC. (TSE:GTE) closed its last trading session down -0.11 at 3.31 with 1,770,169 shares trading hands.